EY launches artificial intelligence platform "EY.ai" and invests US$1.4 billion

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• EY's investment enables the launch of "EY.ai," a new platform to help companies safely adopt artificial intelligence (AI)
  
  
• "EY.ai" combines extensive business experience with AI, and focuses on sustainable and responsible use of the new technology
  
  
• Swiss companies can receive direct support from EY in Switzerland and benefit from the global network of the accounting and consulting firm
  

Zurich, 21 SEPTEMBER 2023 - The accounting and consulting firm EY is launching "EY.ai", a platform that brings together human skills and artificial intelligence (AI) to help companies with their digital transformation through the safe and responsible use of AI. "EY.ai" combines leading EY technology platforms and AI capabilities with strategy, transactions, transformation, risk, insurance and tax.

EY investment of US$1.4 billion has laid the foundation for the launch of the new platform. Already in place is the embedding of AI into existing EY technologies such as the "EY Fabric" platform, which is used by more than 1.5 million individual users. In addition, EY has made acquisitions in the technology space with supporting cloud and automation technologies.

Stefan Rösch-Rütsche, Country Managing Partner at EY in Switzerland, said, "Our investment sends a strong signal of our commitment to this exponentially evolving technology." He adds that every company is thinking about how AI can be integrated into operations and what impact it will have on the future. Rösch-Rütsche says, "Adopting AI is more than just a technology challenge, which is why we help companies harness the transformative power of AI in a responsible and sustainable way."

Comprehensive AI support in Switzerland.

With a large number of data and experts, "EY.ai" is able to tap into the full spectrum of AI knowledge and insights. EY teams can make this knowledge available to companies looking to revolutionize their operations with AI. EY in Switzerland benefits from being embedded in the global EY network: "The advancement of AI technology is a global development that is spreading inexorably across all sectors and fields of application. We can support Swiss companies directly and provide them with our global technical and organizational expertise," says Adrian Ott, Forensic & Integrity Services Leader at EY in Switzerland. While private users are already using AI solutions today, enterprises have increased requirements. "This relates in particular to data protection and regulatory requirements. Such aspects threaten to slow down the initial innovative power of AI use," says Ott.

"AI technology has gained tremendous importance in the financial industry over the past few years and will transform the Swiss financial center through further applications such as Generative Artificial Intelligence. We help our clients use AI technology in such a way to improve their financial services, strengthen their market position by reducing costs, minimize risks and open up new business areas. As an accounting firm, we are paying increased attention to compliance with regulatory standards related to data privacy, security, ethics, and laws," says Madan Sathe, Head of Data Analytics and Artificial Intelligence of Financial Services at EY in Switzerland.

Here's how EY is leveraging the benefits of AI for employees

EY is also leveraging the benefits of AI for itself, drawing on the knowledge and skills of its own employees. After an initial pilot with 4200 EY employees, the global organization will launch the secure and comprehensive language model called "EY.ai EYQ". In addition, EY will introduce tailored AI learning and development programs for its own employees.

Visit EY.ai:

EY.ai | EY – Switzerland

For more information:

The EU AI Act: What it means for your business | EY – Switzerland

Why enabling AI’s full value requires top-down thinking | EY – Switzerland

CEO Outlook July 2023 on AI transformation | EY – Switzerland

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About the global EY organization

The global EY organization is a leader in assurance, tax, transaction and advisory services. We leverage our experience, knowledge and services to help build trust and confidence in the capital markets and in economies all over the world. We are ideally equipped for this task — with well-trained employees, strong teams, excellent services and outstanding client relations. Our global purpose is to drive progress and make a difference by building a better working world — for our people, for our clients and for our communities.

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EY’s organization is represented in Switzerland by Ernst & Young Ltd, Basel, with 10 offices across Switzerland, and in Liechtenstein by Ernst & Young AG, Vaduz. In this publication, “EY” and “we” refer to Ernst & Young Ltd, Basel, a member firm of Ernst & Young Global Limited.