Cecabank has confirmed its participation in the controlled testing space (sandbox) driven by the National Securities Market Commission (CNMV) for the digital transformation of the financial system, and it will do so alongside GPT Advisor in what is the only financial innovation project based on Artificial Intelligence selected by the supervisory body to date.
According to Cecabank, the project aims to explore the advantages and potential of Generative Artificial Intelligence (GAI) applied in the provision of investment services, through the implementation of various use cases that aim to facilitate access to information through natural language, reduce time in the processes of searching and analyzing product information, and bring financial education closer to users by improving its accessibility and availability.
All this will be done under the protection of new regulations in investment services such as MiFID (Markets in Financial Instruments Directive) or RIS (Retail Investment Strategy).
This initiative represents a “very relevant” step for the bank in adopting cutting-edge technological advances in its value chain. “With the adoption of new functionalities based on GAI, Cecabank aims to complete and increase the capabilities of its investment platform and its product portfolio,” they said in a statement.
In the same vein, they have indicated that the project combines “a series of ingredients that suggest very promising results, contributing to boosting innovation and competitiveness in the Spanish financial sector and strengthening investor confidence in new digital solutions.”
“The leadership of Cecabank in providing investment services within the Iberian market is combined with the agility and innovative vision of GPT Advisor, a fintech created by a team with knowledge and experience in both the financial sector and technological innovation,” they highlighted.
For its part, the regulatory and supervisory criterion of the CNMV will ensure that the rules and regulatory standards are applied in this testing environment.
As Cecabank and GPT Advisor join forces in this project, it represents a significant step towards embracing cutting-edge technology in the financial sector. The use of Generative Artificial Intelligence (GAI) in investment services opens up new possibilities for enhancing user experience, streamlining processes, and improving accessibility to financial information.
By exploring the potential of GAI, Cecabank aims to not only improve its platform and product offerings but also contribute to the overall innovation and competitiveness of the Spanish financial sector. The collaboration between a traditional bank like Cecabank and an innovative fintech like GPT Advisor demonstrates a commitment to driving the industry forward through technology and expertise.
With the CNMV overseeing the project, ensuring compliance with regulations and standards, the partnership between Cecabank and GPT Advisor is poised to yield promising results. This collaboration not only benefits the companies involved but also the sector as a whole by fostering trust in digital solutions and promoting continued innovation in financial services.
Overall, the partnership between Cecabank and GPT Advisor in the CNMV-driven financial sandbox represents a significant milestone in the ongoing digital transformation of the financial industry in Spain. Through the exploration of Generative Artificial Intelligence, the project is set to bring about positive changes in how investment services are delivered, setting a precedent for future innovation and development in the sector.