Amancio Bouza holding the golden brain trophy for his proposal using collaborative filtering to create a win-win-win, build trust for clients and engage clients with UBS
In particular UBS was looking for Web 2.0 concepts between 5 and 10 pages focusing on UBS client facing applications such as mobile or E-banking. In the contest description, the UBS described their daily business and main targets such as young urban people that participate already in the world Web 2.0 such as Facebook and Wikipedia, etc. . The participant were requested to hand in a proposal of how Web 2.0 can be applied to the UBS and provide explicit implementation details.
From my experience of the people interacting with the Web 2.0, I built the following user model:
- like to share experiences and generate feedback
- like to generate content and to contribute
- want to be part of something bigger
- trust other users more then experts based on the Wisdom of Crowds assumption
- are intrinsic motivated
- are connected everywhere and every time
- do not honor guided help of experts or systems
- want do discover and explore
Based on this user model, I described the challenges of client advisory in general, showed how collaborative filtering meets the user model of the Web 2.0 and how collaborative filtering faces these challenges to build trust between client and adviser, empower the client to explore new possibilities, create adequate personalized product and service bundles, etc. . In additon, I proposed an framework that extends the current advisory process with collaborative filtering.
Finally, my proposal on “Collaborative Filtering – A Driver to Enable Clients to Explore, Share Experience and Build Recommendations for Products & Services” has been announced by the UBS jury as one of the three winners.
Congratulations to the additional two winners:
- Martin Moser & Roger Signer: UBS Super Trader
- Roland Studer: Go beyond ebanking of today
In addition, it has been awarded with the golden brain trophy from Starmind, a platform where expert knowledge and solutions to specific problem are traded. My proposal has been evaluated by the UBS jury as “creates a win-win-win and trust for clients and engages client with UBS”.
Further information can be read on:
- Blog article on Starmind.com about the contest
- News from the Department of Informatics at the University of Zurich
- News from the DDIS, the Dynamic and Distributed Information Systems group
- News from s.e.a.l., the Software Evolution and Architecture Lab
The contest has been announced on the 12th Web monday event in Zurich
On of the other winner published his proposal on “Go beyond ebanking of today”
Can you tell me more about this contest?
I am writing an article on how companies are using the social webs to help with innovation.
I am interested in seeing a copy of your proposal and the other winners.
Please reply as soon as you can. I have a deadline.
Who does not have a deadline?
You should definitively consider the approach of the UBS how they retrieved innovative ideas. The UBS posed the contest question on http://www.starmind.com, a Web 2.0 platform. Brainpower, know-how, inventions as well as innovations are traded in the Web 2.0 manner at Starmind. That’s a good approach how companies can use the social web such as Starmind to get innovative idea. I guess, that fits better your initial request since Starmind helps companies with innovations.
I don’t want to have my proposal published because a follow-up project may be started soon. But I can you provide the presentation slides about the contest winners, their names and proposals. You can find the presentations slides at the Web Monday Zurich page or download it directly the presenatition slides.
For additional information, please refer to
http://www.ifi.uzh.ch/special_pages/news/article//ddis-and-seal-phd-student-amancio-bouza-wins-web-20-ubs-competition/?tx_ttnewsbackPid=2&cHash=0b91c09f0d
Hi Amancio Bouza,
I’m doing a project for my MBA on collaborative filtering in the financial services industry. The first half of the report will focus on retail, entertainment and lifestyle and how collaborative filtering is being used on sites / programs such as amazon; netflix; dating sites; overstock and pandora. I haven’t found too much on collaborative filtering in financial services until I came across your winning idea. Has collaborative filtering been used in other firms or is UBS the big innovator here?
Any additional information, sites or links you can provide to back up my statement would be greatly appreciated.
Melissa
Dear Melissa Buono
to be honest, I just don’t know if any financial service company applies collaborative filtering at all. Therefore, I cannot provide you some further resources.
I deeply think, the benefit of collaborative filtering for financial service companies are not higher rate on return. In the domain of investment banking, information advantages is key for higher rates. This advantage would be lost applying collaborative filtering. But collaborative filtering can be used to recommend investors new potential investments, they would be interested to invest. In other words, advisors could easier convince investors to invest in certain financial products and investors have a kind of evidence when similar people invest the same. More transparency and lower risk in exchange for less rate on return.
The UBS, for instance, are fascinated by the idea. Especially new potential young investors would be able to discover interesting investments by their own and get some support by advisors in the end. I think, the benefit of collaborative filtering will be the improved interaction between investors and advisors.