UBS has invested in tech unicorn BigPanda, which uses artificial intelligence to detect and respond to incidents in complex IT systems.
As more of its customers switch to - and become ever more reliant on - digital channels, UBS is using BigPanda's artificial intelligence IT operations (AIOps) platform to automate incident management processes to ensure systems stay up and running.
“We’re excited to build on our relationship with BigPanda through this investment, helping drive digital disruption and innovation in AIOps,” says Mike Dargan, UBS group chief digital and information officer. “By increasing transparency and leveraging technology to automate key processes, companies can reduce downtime and focus on developing new products and services for clients.”
Reflecting changing consumer banking habits, UBS in May launched a purely digital product line, UBS key4, for clients who want to carry out all of their banking transactions from their smartphones.
"As companies increase their dependance on technology as an enabler and differentiator, and ultimately change how they deliver their products and services to clients, it has become even more important for them to ensure their IT operations platforms run smoothly,” says Assaf Resnick, CEO and co-founder of BigPanda. “UBS is an early adopter of AIOps in the financial services industry and similarly sees the power emerging technology can have on their operations to deliver a best-in-class client experience.”
The investment was made by UBS Next, the Swiss bank's $200 million fintech venture fund and incubation unit.
The value of the transaction was not disclosed.