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 12 months 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 12 months, GPTadvisor introduced that it has efficiently accomplished a capital enlargement 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 out there 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 clear up and who does it clear up 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 advanced monetary panorama. Monetary advisors typically face time-consuming, repetitive duties similar 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 atmosphere. Our wealth administration platform makes use of the newest generative AI know-how to help monetary advisors in shortly discovering the best 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 companies and unbiased monetary advisors. We see this product as a really world proposition, the place advisors wherever across the globe can actually begin partaking in a brand new method of working.

How does GPTadvisor clear up this drawback higher than different firms or options?

Díaz de Argandoña: GPTadvisor emerged in the course of the generative AI wave with a transparent goal: to use this groundbreaking know-how particularly to the wealth administration sector. This focus distinguishes us from many different tech firms that, whereas skilled on the whole AI, are actually struggling to adapt to the essentially totally 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 stated that, we take AI very cautiously. We acknowledge there may be quite a lot of noise and over-reliance within the business the place we count on AI to resolve all our issues, and that isn’t the case. We concentrate on the use instances that present the largest positive aspects 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 know-how includes and body the rules to observe with a purpose to efficiently implement these capabilities.

Our core staff brings over 40 years of collective expertise within the wealth administration business. This deep experience has enabled us to develop an progressive 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 business banks, non-public banks, and wealth administration companies, to monetary advisory entities and unbiased monetary advisors. We work with entities which can be looking for progressive options to boost their productiveness, streamline their processes, and finally present extra worth to their shoppers by leveraging the newest know-how available in the market.

Curiously, we’ve been receiving appreciable inbound curiosity from varied business entities, pushed partially by the rising enthusiasm for generative AI. In consequence, 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 know-how that’s shifting 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 exhibit 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 robust and chilly concentrate on 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 few favourite implementation or deployment of your know-how?

Díaz de Argandoña: Certainly one of our most fun current implementations is our fast portfolio evaluation instrument. This progressive perform 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 consists of generated insights on efficiency, threat, charges, and even comparisons with mannequin portfolios. Multi function go. This function exemplifies the form of intuitive, productivity-boosting instruments we intention to ship, making refined portfolio evaluation so simple as taking a photograph.

One other function we’re significantly happy with is our fund documentation auto-read function. 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 data within the documentation of hundreds of funding funds. Whether or not they want particulars on fund efficiency, charges, or another vital data, this instrument streamlines the method, saving invaluable 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 staff is ready to transfer in sync with the fast-paced developments in generative AI. Our capacity to quickly deliver ready-to-use options to the wealth administration house is without doubt one of the key strengths that units GPTadvisor aside. It’s extremely rewarding to see these improvements in motion, reworking how wealth managers spend their invaluable time and offering them with the instruments they should keep aggressive.

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

Díaz de Argandoña: The arrogance to deal with challenges at GPTadvisor stems from the intensive expertise and confirmed monitor document 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 function 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 finally acquired by Allfunds.

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

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

With this sturdy 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 providers firms within the nation?

Díaz de Argandoña: The connection between fintechs and conventional monetary providers firms 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 providers proceed to be offered 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 superb expertise for us. The occasion was professionally and thoughtfully organized, making us, as demo contributors, really feel like true protagonists. It offered a invaluable 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 appears like a pure subsequent step in our journey. Coming into the U.S. market is a key precedence for us, as we consider 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 will’t wait to showcase these developments on stage. We’re assured that the New York demo might be one other nice expertise for us, serving to us to additional develop our presence in a vital market.

What are your objectives for GPTadvisor? What can we count on to listen to from you within the months to return?

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

I consider 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 world scale via the second half of the 12 months to succeed in extra shoppers and achieve extra management available in the market.

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 far more to return.

We hope you loved our dialog with Nacho. In case you haven’t observed, 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 firms, and extra!

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