Finovate Global Spain: Talking AI and Wealth Management with GPTadvisor

This week’s version of Finovate International options an in-depth interview with Nacho Díaz de Argandoña, Chief Product Officer with Spain-based fintech, GPTAdvisor.

Based in 2023 and headquartered in Madrid, GPTadvisor made its Finovate debut earlier this 12 months at FinovateEurope 2024 in London. GPTadvisor gives a Gen AI platform that’s particularly constructed to spice up the productiveness of economic advisors and wealth managers, in addition to improve shopper engagement.

This 12 months, GPTadvisor introduced that it has efficiently accomplished a capital growth spherical that featured help from two main Spanish enterprise capital companies, Kfund and JME Ventures. The corporate additionally introduced that has launched a model of its GPTadvisor resolution within the GPT Retailer by OpenAI. This launch made GPTadvisor the primary portfolio administration app accessible within the OpenAi retailer.

We caught up with Nacho to speak about present developments in wealth administration and what AI can carry to the business.

What downside does GPTadvisor resolve and who does it resolve it for?

Nacho Díaz de Argandoña: GPTadvisor addresses a vital problem within the wealth administration sector: the necessity for elevated effectivity and productiveness to stay aggressive in an more and more complicated monetary panorama. Monetary advisors typically face time-consuming, repetitive duties corresponding to funding analysis, portfolio administration, and compliance. These duties can detract from their prime goal, which is more and more more durable to perform: to nurture robust relationships with their purchasers and supply them with really customized and strategic recommendation.

GPTadvisor solves this context by offering superior AI-driven instruments that automate and streamline many of those processes, in a safe, personal and managed setting. Our wealth administration platform makes use of the most recent generative AI expertise to help monetary advisors in rapidly discovering the appropriate funding product, analyzing and evaluating portfolios, elaborating understandable narratives to excel in shopper engagements and, in the end, serving to their purchasers attain their monetary targets. By dramatically bettering productiveness, GPTadvisor permits advisors to focus extra on shopper relationships and strategic decision-making.

The first beneficiaries of our options are wealth administration entities, together with monetary advisory companies and impartial monetary advisors. We see this product as a very international proposition, the place advisors anyplace across the globe can actually begin participating in a brand new approach of working.

How does GPTadvisor resolve this downside higher than different corporations or options?

Díaz de Argandoña: GPTadvisor emerged in the course of the generative AI wave with a transparent goal: to use this groundbreaking expertise particularly to the wealth administration sector. This focus distinguishes us from many different tech corporations that, whereas skilled generally AI, at the moment are struggling to adapt to the essentially completely different strategy required by generative AI. Our basis on this new paradigm permits us to harness its full potential in ways in which others discover difficult.

Having mentioned that, we take AI very cautiously. We acknowledge there’s a number of noise and over-reliance within the business the place we anticipate AI to unravel all our issues, and that isn’t the case. We concentrate on the use circumstances that present the most important positive aspects in productiveness, however with out placing compliance in danger. That is why we proactively collaborate with regulators – FCA within the UK and CNMV in Spain – to discover the dangers this expertise includes and body the rules to comply with with a view to efficiently implement these capabilities.

Our core workforce brings over 40 years of collective expertise within the wealth administration business. This deep experience has enabled us to develop an revolutionary product from the bottom up, in shut collaboration with key business companions. We work carefully with quite a few wealth administration entities worldwide to make sure that our options are aligned with business wants, making them each related and impactful.

Who’re GPTadvisor’s main clients. How do you attain them?

Díaz de Argandoña: GPTadvisor’s main clients vary from large business banks, personal banks, and wealth administration companies, to monetary advisory entities and impartial monetary advisors. We work with entities which can be in search of revolutionary options to reinforce their productiveness, streamline their processes, and in the end present extra worth to their purchasers by leveraging the most recent expertise out there.

Apparently, we’ve been receiving appreciable inbound curiosity from numerous business entities, pushed partly by the rising enthusiasm for generative AI. Consequently, we’re actively participating these entities and incorporating them into our aggressive generative AI product roadmap. This roadmap is designed not solely to fulfill present market calls for, but additionally to anticipate and constantly carry the advantages of this expertise that’s transferring at unprecedented velocity.

We’ve additionally had the chance to pitch and current our work in quite a few business occasions, identical to what we did with you final February at FinovateEurope in London. These platforms enable us to display the distinctive capabilities of our options to a large viewers that has generated very attention-grabbing conversations for us.

By capitalizing on the present momentum round generative AI and sustaining a powerful and chilly concentrate on the wants of wealth administration professionals, I believe we’re efficiently positioning GPTadvisor because the go-to resolution for entities seeking to keep forward on this quickly evolving panorama.

Are you able to inform us a few favourite implementation or deployment of your expertise?

Díaz de Argandoña: One in every of our most fun latest implementations is our fast portfolio evaluation instrument. This revolutionary operate permits advisors to easily take an image of a shopper’s portfolio with their cellphone and obtain an instantaneous, complete evaluation, totally defined. The evaluation contains generated insights on efficiency, threat, charges, and even comparisons with mannequin portfolios. Multi functional go. This characteristic exemplifies the type of intuitive, productivity-boosting instruments we intention to ship, making subtle portfolio evaluation so simple as taking a photograph.

One other characteristic we’re notably happy with is our fund documentation auto-read characteristic. This instrument goes to be a game-changer for GPTadvisor customers globally, as they’re now going to have the ability to immediately discover and chat about key knowledge and knowledge within the documentation of hundreds of funding funds. Whether or not they want particulars on fund efficiency, charges, or some other vital data, this instrument streamlines the method, saving worthwhile time and enhancing decision-making capabilities.

These options are simply the tip of the iceberg. We’re seeing new productiveness capabilities like these come up on a weekly foundation, as our workforce is ready to transfer in sync with the fast-paced developments in generative AI. Our potential to quickly carry ready-to-use options to the wealth administration house is among the key strengths that units GPTadvisor aside. It’s extremely rewarding to see these improvements in motion, reworking how wealth managers spend their worthwhile time and offering them with the instruments they should keep aggressive.

What in your background gave you the boldness to deal with this problem?

Díaz de Argandoña: The arrogance to deal with challenges at GPTadvisor stems from the intensive expertise and confirmed monitor report of our CEO, Salvador Mas. Earlier than founding GPTadvisor, Salvador served because the Chief Digital Officer at Allfunds for 5 years, the place he performed a pivotal position within the firm’s digital transformation and its profitable public providing. Previous to his tenure at Allfunds, Salvador based a number of startups on the forefront of innovation in wealth administration. His most up-to-date enterprise, Finametrix, a portfolio administration platform, was ultimately acquired by Allfunds.

This entrepreneurial expertise, coupled along with his management in a worldwide monetary powerhouse, has supplied Salvador with deep insights into the challenges and alternatives inside wealth administration. It has additionally geared up him with the experience to leverage expertise in creating revolutionary options that tackle real-world issues within the sector.

Beneath Salvador’s management, we’ve got fostered a extremely gifted, agile, and centered workforce at GPTadvisor, which has efficiently grown the product and its capabilities since its inception simply over a 12 months in the past.

With this robust basis, we’re assured that we’re well-positioned to paved the way in bringing cutting-edge generative AI options to the business.

What’s the fintech ecosystem in Spain like? What’s the relationship between fintechs, banks, and conventional monetary companies corporations within the nation?

Díaz de Argandoña: The connection between fintechs and conventional monetary companies corporations in Spain is characterised by a mixture of competitors, collaboration, and co-opetition.

Within the particular case of wealthtech, conventional establishments have maintained their market share regardless of some success tales (such because the robo-advisor Indexa Capital and the neobank MyInvestor). Nevertheless, nearly all of advisory companies proceed to be supplied by conventional establishments like Santander, BBVA, or CaixaBank, which have efficiently embraced digital transformation.

At GPTadvisor, we’re collaborating with each kinds of entities, introducing generative AI in each conventional and disruptive establishments.

Left to proper: Nacho Díaz de Argandoña and GPTadvisor CEO Salvador Mas at FinovateEurope 2024.

You demoed at FinovateEurope earlier this 12 months. How was your expertise?

Díaz de Argandoña: FinovateEurope was a wonderful expertise for us. The occasion was professionally and thoughtfully organized, making us, as demo individuals, really feel like true protagonists. It supplied a worthwhile platform to attach with a large vary of wealth administration professionals, buyers, and business stakeholders, which allowed us to check our proposition with actual prospects in London—one of many world’s premier fintech hubs.

As we put together to demo our resolution once more, this time in New York, it looks like a pure subsequent step in our journey. Coming into the U.S. market is a key precedence for us, as we imagine our resolution can considerably improve the day-to-day operations of economic advisors throughout the nation.

We’ve been steadily rising our platform, including a number of latest options and enhancements, and we will’t wait to showcase these developments on stage. We’re assured that the New York demo can be one other nice expertise for us, serving to us to additional broaden our presence in a vital market.

What are your targets for GPTadvisor? What can we anticipate to listen to from you within the months to come back?

Díaz de Argandoña: Over the previous 12 months, we’ve centered intensely on refining and validating our proposition out there. We’ve been constructing a next-generation AI-native platform from the bottom up, one which evolves in tandem with the speedy developments in AI expertise. Our strategy has concerned shut collaboration with main monetary entities worldwide, guaranteeing that we keep related to the real-world challenges and alternatives that want fixing.

I imagine we’re now at a tipping level the place the product is prepared for better scale. GPTadvisor is now able to help hundreds of economic advisors work extra productively and ship extra worth to their purchasers. Our plan is launching our SaaS mannequin at international scale by means of the second half of the 12 months to achieve extra purchasers and achieve extra management out there.

As we proceed to discover the total potential of generative AI and its functions inside our sector, I can’t think about a extra thrilling time to be concerned in shaping the long run with GPTadvisor. We’re simply getting began, and there’s rather more to come back.

We hope you loved our dialog with Nacho. In case you haven’t observed, we’re making a giant deal out of wealthtech subsequent month at FinovateFall. Take a look at our protection of keynote audio system and energy panelists specializing in prime points in wealthtech and wealth administration, our preview of wealthtech-focused demoing corporations, and extra!

Right here is our take a look at fintech headlines all over the world.