Moonshots shelved: banks spend on home-working tech
Dealers made success of remote working switch – now they’re investing in its future, and pausing grander ambitions
In late 2019, UBS asked 20 of its traders to experiment with a so-called soft turret system, developed by fintech firm Cloud9 Technologies. Lee Fulmer, head of the investment bank’s innovation lab, expected the idea of replacing traders’ heavy-duty phone consoles with a software application to meet resistance.
“But at the end of the first month, all 20 of them asked to have another month to keep playing with it,” says Fulmer. The only complaint: some sales traders missed having physical buttons
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