The cooperation between Unique and Pictet has yet again been mentioned in one of the most reputable news outlets in Switzerland, The Neue Zürcher Zeitung (NZZ) by Andre Müller.
The article describes how Swiss banks are increasingly embracing generative AI, a subset of artificial intelligence that can generate text, translate languages, and create other forms of content, to enhance efficiency, productivity, and customer service. Generative AI can streamline many tasks that previously required human involvement, such as company data retrieval and analysis, document translation, and personalized email creation.
Pictet Group, a Geneva-based private bank, is one of the leading examples of adopting generative AI. The bank introduced generative AI across its entire workforce in October 2023. Known as One.Chat, this platform, developed by Swiss startup Unique and relying on the Large Language Models from OpenAI, empowers employees to access a "virtual assistant" that can assist with various tasks.
Geneva-based private bank Pictet is among the first to give its entire workforce access to generative AI.
"The platform does in minutes what previously took employees hours to do,” says Steve Blanchet, who leads strategic technology and innovation projects at Pictet.
While banks are optimistic about the benefits of generative AI, they are also taking steps to mitigate the risks. For example, they are ensuring that AI models are trained on high-quality data and that they are subject to strict access controls (RAG model, or retrieval augmented generation).
As stated in the article, The Swiss Financial Market Supervisory Authority (Finma) does not regulate individual AI applications. Instead, it focuses on checking whether banks have sufficiently good risk management processes and solid governance to keep the risks arising from generative AI under control.