Published on June 21, 2024, 2:04 am

Cecabank has announced its participation in the controlled testing space (sandbox) driven by the National Securities Market Commission (CNMV) for the digital transformation of the financial system. Teaming up with the fintech GPT Advisor, this project stands out as the only financial innovation initiative based on artificial intelligence (AI) selected by the supervisory body so far.

The primary goal of this project is to explore the advantages and potential of generative AI applied in investment services, through various use cases serving different purposes. These include enhancing access to information through natural language, reducing time spent on searching and analyzing product information, and promoting financial education by improving accessibility and availability for users. All these advancements will align with new regulations in investment services such as MiFID (Markets in Financial Instruments Directive) or RIS (Retail Investment Strategy).

For Cecabank, this initiative marks a significant step towards adopting cutting-edge technological advances throughout its value chain. By integrating new generative AI-based features, Cecabank aims to enhance and expand its investment platform capabilities and product portfolio.

This project’s setup combines elements that, according to the bank, promise highly favorable outcomes, driving innovation and competitiveness within the Spanish financial sector while bolstering investor confidence in new digital solutions. The leadership of Cecabank in providing investment services in the Iberian market is complemented by GPT Advisor’s agility and innovative vision. GPT Advisor is a fintech founded by a team with expertise in both the financial sector and technological innovation. The fintech has achieved significant milestones in this field, including developing the first portfolio application within OpenAI’s ecosystem.

Furthermore, CNMV’s regulatory scrutiny ensures that all norms and regulatory standards are adhered to in this testing environment, guaranteeing compliance and oversight throughout.

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