Finovate Global Spain: Talking AI and Wealth Management with GPTadvisor

This week’s version of Finovate World 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 yr at FinovateEurope 2024 in London. GPTadvisor provides 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 yr, GPTadvisor introduced that it has efficiently accomplished a capital enlargement spherical that featured help from two main Spanish enterprise capital corporations, 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 obtainable within the OpenAi retailer.

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

What drawback does GPTadvisor remedy and who does it remedy it for?

Nacho Díaz de Argandoña: GPTadvisor addresses a crucial 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 usually 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 sturdy relationships with their shoppers 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, non-public and managed surroundings. Our wealth administration platform makes use of the most recent generative AI expertise to help monetary advisors in rapidly discovering the proper funding product, analyzing and evaluating portfolios, elaborating understandable narratives to excel in shopper engagements and, finally, serving to their shoppers attain their monetary objectives. 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 corporations and unbiased monetary advisors. We see this product as a very international proposition, the place advisors anyplace across the globe can actually begin partaking in a brand new method of working.

How does GPTadvisor remedy this drawback higher than different corporations or options?

Díaz de Argandoña: GPTadvisor emerged throughout 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 typically AI, at the moment are struggling to adapt to the essentially completely different method 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 stated that, we take AI very cautiously. We acknowledge there may be loads of noise and over-reliance within the business the place we anticipate AI to resolve all our issues, and that’s not the case. We deal with the use instances that present the largest positive factors in productiveness, however with out placing compliance in danger. Because of this 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 observe with the intention to efficiently implement these capabilities.

Our core group 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 intently 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 major prospects. How do you attain them?

Díaz de Argandoña: GPTadvisor’s major prospects vary from large industrial banks, non-public banks, and wealth administration corporations, to monetary advisory entities and unbiased monetary advisors. We work with entities which are searching for revolutionary options to reinforce their productiveness, streamline their processes, and finally present extra worth to their shoppers by leveraging the most recent expertise out there.

Curiously, we’ve been receiving appreciable inbound curiosity from numerous business entities, pushed partly by the rising enthusiasm for generative AI. Consequently, we’re actively partaking these entities and incorporating them into our aggressive generative AI product roadmap. This roadmap is designed not solely to satisfy present market calls for, but in addition to anticipate and repeatedly deliver 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 permit us to reveal 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 deal with the wants of wealth administration professionals, I feel 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 couple of favourite implementation or deployment of your expertise?

Díaz de Argandoña: One in all our most enjoyable current implementations is our fast portfolio evaluation device. This revolutionary perform permits advisors to easily take an image of a shopper’s portfolio with their telephone and obtain an immediate, complete evaluation, completely 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 significantly happy with is our fund documentation auto-read characteristic. This device 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 information and knowledge within the documentation of hundreds of funding funds. Whether or not they want particulars on fund efficiency, charges, or every other crucial data, this device streamlines the method, saving useful time and enhancing decision-making capabilities.

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

What in your background gave you the boldness to sort out this problem?

Díaz de Argandoña: The arrogance to sort out challenges at GPTadvisor stems from the in depth expertise and confirmed monitor file 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 together with his management in a world monetary powerhouse, has supplied Salvador with deep insights into the challenges and alternatives inside wealth administration. It has additionally outfitted him with the experience to leverage expertise in creating revolutionary options that tackle real-world issues within the sector.

Beneath Salvador’s management, we now have fostered a extremely proficient, agile, and targeted group at GPTadvisor, which has efficiently grown the product and its capabilities since its inception simply over a yr in the past.

With this sturdy basis, we’re assured that we’re well-positioned to cleared the path 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 varieties 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 yr. 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 contributors, really feel like true protagonists. It supplied a useful 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 bunch of latest options and enhancements, and we are able to’t wait to showcase these developments on stage. We’re assured that the New York demo shall be one other nice expertise for us, serving to us to additional broaden our presence in a crucial market.

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

Díaz de Argandoña: Over the previous yr, we’ve targeted 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 method has concerned shut collaboration with main monetary entities worldwide, making certain 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 higher scale. GPTadvisor is now able to help hundreds of economic advisors work extra productively and ship extra worth to their shoppers. Our plan is launching our SaaS mannequin at international scale by means of the second half of the yr to achieve extra shoppers and acquire extra management out there.

As we proceed to discover the complete potential of generative AI and its purposes 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 seen, we’re making an enormous deal out of wealthtech subsequent month at FinovateFall. Take a look at our protection of keynote audio system and energy panelists specializing in high points in wealthtech and wealth administration, our preview of wealthtech-focused demoing corporations, and extra!

Right here is our have a look at fintech headlines world wide.