Cecabank will participate alongside the fintech GPT Advisor in the financial sandbox promoted by the CNMV
The bank seeks to explore the advantages and potential of Generative Artificial Intelligence (GAI) applied to the provision of investment services with a view to integrating it into its value chain
Cecabank has confirmed its participation in the controlled testing environment (sandbox) promoted by the National Securities Market Commission (CNMV), pursuant to Spanish Law 7/2020 of 13 November on the digital transformation of the financial system. Cecabank will promote AI along with GPT Advisor. To date, this is the only financial innovation project based on Artificial Intelligence selected by the supervisory body.
The project seeks to explore the advantages and potential of Generative Artificial Intelligence (GAI) applied to the provision of investment services, through the implementation of several use cases that will aim to: facilitate access to information through natural language, reduce the time required to search for and analyse product information, and bring financial education closer to users by improving accessibility and availability. All this under the umbrella of the new investment services regulations such as MiFID (Markets in Financial Instruments Directive) or RIS (Retail Investment Strategy).
This initiative is a major step forward for the bank in the integration of cutting-edge technological advances into its value chain. With the adoption of new GAI-based features, Cecabank aims to complete and increase the capabilities of its investment platform and product portfolio.
The project set-up combines a series of ingredients that suggest very promising results, contributing to driving innovation and competitiveness in the Spanish financial sector and reinforcing investor confidence in new digital solutions. Cecabank's leadership in the provision of investment services in the Iberian market is coupled 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. This fintech has made a name for itself in this sector, most notably with the creation of the first portfolio application within the OpenAI ecosystem. The CNMV will provide regulatory and supervisory oversight to ensure that regulatory principles and standards are applied in this testing environment.
