Zurich — UBS, the world’s biggest private bank, is spending about Sf1bn ($1bn) to standardise the information technology (IT) platform across its flagship wealth management business, an investment it hopes will ultimately help lower costs. The project to unify the IT structure, known as One Wealth Management Platform, began in 2013, with UBS aiming to have it finished by the end of 2018. A unified IT structure would make it easier to roll out the digital features UBS was testing, chief operating officer for wealth management Dirk Klee said. This would include the company’s new online wealth management platform, SmartWealth. If a pilot programme for SmartWealth in Britain, announced last week, was successful, UBS would roll out the programme in other markets including major markets in Europe and in Asia Pacific. UBS hopes SmartWealth will give it the scale to bank the so-called mass affluent, in addition to more traditional private banking clientele like millionaires and billionaires...
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