UBS spent the last nine years reinventing itself as the world’s largest wealth manager. For its next act, the bank wants technology to drive higher profits from its client base and reduce costs.

On Wednesday, it tapped a digital banking specialist, Ralph Hamers, to be its next chief executive from November 1, surprising investors and analysts who expected either an internal candidate or an outsider with experience running a wealth management business. Hamers will join from ING Groep, where he has been CEO since 2013 in a 29-year career mainly focused around retail and corporate clients at the Dutch lender.