Swiss bank UBS has opened an innovation lab in Singapore that will focus on creating more user-friendly and innovative products for its wealth management clients in the Asia Pacific (APAC) region.
Called EVOLVE - UBS Centre for Design Thinking and Innovation, the lab is housed at UBS Business University Asia Pacific, located at the historic Command House off Bukit Timah Road. It will function as a centre for sharing of best practices and ideas among academia, innovation partners, industry experts and clients in an effort to catalyse ideas for new services.
According to Ketan Samani, UBS' Chief Digital Officer for APAC, the lab is part of UBS' efforts to go digital. "Our new innovation centre will allow us to co-create customised solutions with clients and industry experts, as well as enable us to keep pushing the digital boundaries for the wealth management industry."
Delivering customised content and advice
To further its digital journey, UBS recently rolled out the UBS-Wealth Management mobile app in Asia to meet its clients' increasing demand for digital access. According to UBS, the app leverages a technology that tracks a client's portfolio, tests it against critical risk factors, and flags when it deviates from the client's investment strategy. Clients could then source for the right knowledge and expertise across the bank before taking the necessary actions.
"Our clients will be able to receive timely portfolio health checks, UBS Impact articles that are customised to their portfolios and benchmark their portfolio performance with our UBS CIO House View through the app," said Edmund Koh, Country Head of UBS Singapore and Head of Wealth Management Southeast Asia and APAC Hub.
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