Dive Brief:

• UBS plans to invest heavily to standardize the IT platform for its wealth management business in hopes of ultimately lowering costs, according to Reuters.

• The bank will reportedly invest about $1 billion in the effort. It did not disclose how much money it expects to save.

• UBS is the world's largest private bank.

Dive Insight:

Banks worldwide are under growing pressure to streamline and slim down as margins are challenged by low interest rates. UBS representatives said a standardized platform will also enable other digital features it’s currently testing. The new technology platform will not include the bank's U.S. business.

UBS has increased its focus on wealth management over the last several years as margins in other areas have grown tighter.

The bank did not say if the new system will include additional security features. Banks have been under growing pressure to improve their security following February's $81 million heist at Bangladesh Bank.