Banco Sabadell and the Asturian Federation of Entrepreneurs (FADE) recently organised a conference on Artificial Intelligence in the business world in Oviedo, featuring Luis Echavarri, Director of Analytics and Artificial Intelligence, who focused on the use of this technology in the financial sector and its applications within the bank.
In his presentation, Echavarri discussed some of the main uses of AI in the financial sector. Starting from the premise that the AI universe is a rapidly evolving and expanding field, he explained that “at the beginning of 2023, none of us could foresee the impact that the emergence of ChatGPT would have, which has forced us to quickly update our approaches”.
In line with what Irene Díaz explained, he noted that “this technology is a very powerful phenomenon that no company can ignore,’ though he also reiterated that ‘it should be approached with caution as, depending on the use, it is not yet 100% reliable”. Systems like ChatGPT can provide different answers to the same question within a few minutes. And, once again, he reminded that “everything depends on the quality of the data that feeds these systems: any analytical model trained with poor data will yield poor results”.
Two clearly defined lines of action at Banco Sabadell
At Banco Sabadell, he explained, work is being done on new applications to gain competitive advantages from the use of AI, focusing on two main areas:
- Transforming the value chain: improving customer service and commercial productivity.
- Transforming internal operations: enhancing the efficiency of the organisation and implementing structural capabilities.
At this time, he explained, AI excels in tasks related to personal productivity. For example, such a system can be very useful for a marketing professional to streamline and enrich the creation of informational texts. However, there is still some time before we can implement business solutions or those that provide direct responses to customers. “Nevertheless, we need to test these types of tools, starting from the premise that they would be comparable to new joiners who are recent graduates beginning their careers, working on more routine tasks and requiring constant supervision”. He added that it is now a reality that IT solutions implemented in organisations (SAP, Office 365, Salesforce) are beginning to incorporate AI functionalities into their product suites, allowing all companies to start leveraging new business uses to various degrees, without needing large investments in IT.
A powerful team of programmers and data analysts
Echavarri also referenced the strong team of data professionals that is part of the institution’s structure: “In addition to being one of the leading financial institutions in our country, we have one of the strongest teams of programmers and data analysts, who are fully prepared to face the immense changes and challenges posed by the immediate future. Nowadays, banks are not just financial companies. We are also large technological organisations. And this, in a way, makes sense because, unlike other economic sectors, it is not advisable for us to use “standard” AI models developed by third parties. Instead, we should develop our own AI models, based on these, to address our specific needs”.
He also referred to the need to adapt human resources policies to the new technological profiles that financial companies require: “The truth is that, currently, all companies face challenges in attracting and retaining digital talent, which is so crucial in this environment. Young people entering the job market have very different perspectives and ambitions compared to the ones we had when we started our careers. Logically, they are interested in money, but they also pursue other types of goals. This is especially evident in the tech sector. Fortunately, from this year onward, and thanks to Banco Sabadell’s commitment with initiatives like Sabadell Digital, I am convinced that we are prepared to be one of the most competitive offers for these professionals”.
Artificial Intelligence has also prompted many companies to start modifying and/or updating their internal control rules. He said: “I am aware that some companies have already started regulating what their employees can or cannot do with ChatGPT and other similar tools. And they have even started saving all the prompts and requests generated by the company to ensure that these rules are followed”.
Finally, he referred to the fundamental difference that has caused Artificial Intelligence to grow at such a spectacular speed, leaving behind other equally disruptive technologies like blockchain or the metaverse, which have been widely discussed in previous years: “This happened because Artificial Intelligence is accessible to everyone instantly, which is not the case with other technological innovations. This compels us to stay alert to all new developments in this field. At the same time, everyone, and companies in particular, must be cautious, as although it seems clear that AI will radically change the way we live and work, it is also clear that, in many aspects, it is still in its early stages”.
