Technology has become increasingly important in asset management in recent years. This is not only because it reduces costs and leads to greater efficiency, but also because Artificial Intelligence (AI) helps to improve processes and can help managers simplify their work, not replace it. On the effects of AI was discussed during the 10th Securities Services Conference, recently organised by Cecabank-Expansión, in concert with FundsPeople.
Laura Comas, board member of CaixaBank AM and Director of Private Banking Development and Transformation at CaixaBank, explained that the bank has been working with AI since 2014: 'It is already implemented in specific bank processes, such as the Noa digital assistant, which allows the bank to contact customers, answering their questions and even executing transactions such as blocking cards'. But the implications go beyond that, and generative AI changes the speed of what had already been implemented. 'We have launched a project with Microsoft and Accenture with around 100 AI analytics professionals. It will allow GPT models to be tested in a secure environment and to analyse developments that are not yet on the market. It allows us to analyse the potential of AI and decide where it could be implemented because it improves certain processes without risk. For example, in order to optimise process agility, customer service or risk models', she explained. According to Comas, 'AI helps managers to free up their time and devote it to our customers'.
Note: it will not replace the manager or adviser
This potential of generative AI is well known to Salvador Mas, CEO of GPTadvisor, who suggested that 'we are in an era as effervescent or more so than the dotcom era'. The expert reflected on Chat GPT's entry into society: 'It was an unexpected shock, it is the product par excellence of generative AI, capable of doing an activity like reading, reasoning or writing that, until now, were reserved for humans', he explained.
Comas points out the role of this technology in improving the availability of information or even highlights its usefulness in detecting market sentiment or in modelling reports. And warned: 'We are not seeing a huge transformational change that could replace financial advice, but it could help the manager in making decisions. On this point, she agreed with Mas: 'Customers will continue to talk to a human, but the human will be more productive. Customers are not going to be managed by AI, but by a manager using AI', she stressed.
Where does regulation stand?
The regulatory framework governing AI has been evolving in Spain and internationally. The proposal for an Artificial Intelligence Regulation is now ready. Maria Vidal, partner at finReg360, warned that 'the European Artificial Intelligence Act will be passed before summer'.
The aim of this law, she explained, 'is to adopt human-centric and reliable AI. It regulates and provides for high protection, health and safety in accordance with all European principles. In terms of our sector, we need to start by looking at what an AI system is. Take stock of the extent to which the systems we have in place are intelligent. In other words, that the system is autonomous, capable of adapting and that when we have a specific objective, it can provide us with data, predictions or recommendations', she pointed out.
In addition to this law, two other proposals are also on the table: one amending the directive on defective AI products and a proposal for a directive on AI liability. Both are from 2022, noted Vidal.
