Artificial intelligence (AI) will not reduce the amount of hours you work as higher productivity will boost demand for the services you're offering, a senior UBS Wealth Management executive, told CNBC on Tuesday.
Talking to CNBC's "Squawk Box Europe," Jamie Broderick, head of UBS Wealth Management U.K., said he wasn't convinced that AI would bring about the combination of higher productivity and fewer working hours.
"The evidence is no, you don't actually get to that," Broderick told CNBC.
"I think part of what's driving that is the fact that the consumer becomes more and more demanding about what it is we actually deliver to them…the consumer continually upgrades his demands and is requiring more specificity, more customization, and I think that's really what explains it."
Broderick gave the example of financial regulators constantly upping their requirements from investment banks.
"The regulator is the same thing. We can automate, we've got computers that help us process demands from the regulators…but the regulator demands continue to go up, so no matter how much productivity we continue to create in that space, it's just keeping up with the consumer demand," he said.