Switzerland's largest bank is expanding a site in Ticino to specialize in artificial intelligence. The move will create 80 new jobs in southern Switzerland.
The University of Lugano IDSIA institute has advanced to a recognized research center for machine learning and artificial intelligence. Now, Zurich-based UBS is linking up with the institute, news agency «AWP» (behind paywall, in German) reported on Wednesday.
The bank plans to expand a site in Manno, southern Switzerland, into a center for artificial intelligence, analytics and innovation. The site is to find specific applications for UBS' information technology platform to use big data and artificial intelligence.
Asian banks are already utilising artificial intelligence in their daily operations, finews.asia reported on OCBC's use of the technology to combat financial crime, while in Japan Mizuho financial group uses artificial intelligence to screen customers applying for loans.
«Swiss Outsourcing»
The site will be staffed with university researchers; initially the bank will hire 20 to 30 staff, and aim to expand to roughly 80 full-time employees in Manno. The move is the final step in UBS' Swiss outsourcing strategy which has seen nearly 1,400 jobs move from Zurich, one of the world's most expensive cities, to cheaper locations within Switzerland.
The bank built a back-office center in Schaffhausen last autumn and is building another in Biel, on Switzerland's French-German language divide. An existing site in Renens in western Switzerland is also being expanded to house more staff.
