CaixaBank to develop generative AI with new multi-disciplinary team

Monday 11 December 2023 15:00 CET | News

Spain-based financial institution CaixaBank has announced the development of a new multi-disciplinary team in order to develop generative AI. 


Following this announcement, CaixaBank will focus on analysing and deploying generative artificial intelligence in specific areas of internal processes, as well as customer-related procedures. The objective of this new team is set to analyse the potential of this new technology, while also creating use cases in which AI will contribute to the development of the bank’s overall activity, as well as improve the customer and employee’ user experience. The financial institution also intends to streamline new software features and optimise the processes for analysing management information.

Among the initiatives that are included in the new project is the process of streamlining customer service through the use of digital channels, as well as those linked to risk analytics, with a focus on providing the needed tools for the company’s professionals. In addition, generating code in developments, preparing tests, and drafting documentation for new technological functionalities and operations are also included in the project. 

The new generative AI tool is set to provide employees with more time to focus on higher added-value tasks and to offer customers a better overall experience in a secure and fast manner. The team has offices in Barcelona and Madrid, and the individuals have been selected in order to promote a multi-dimensional and global vision of the developments. CaixaBank is expected to deploy the use cases in the entire Group throughout 2024.


Spain-based financial institution CaixaBank has announced the development of a new multi-disciplinary team in order to develop generative AI.

CaixaBank’s latest partnerships and product launches

Spain-based financial institution CaixaBank had multiple collaborations, developments, and product releases in the last couple of months, covering several different geographic areas around the world. 

In July 2023, CaixaBank announced its partnership with Spain-based bank BBVA and Banco Santander in order to fight financial fraud. The financial institutions focused on addressing the overall situation of financial fraud, which represented the biggest challenge in the banking sector. According to the press release published at the time, the three banks also focused on developing and designing new tools that aimed to facilitate the sharing of data to securely and proactively combat financial crime and other threads in the industry. 

The anti-fraud initiative was set to be conducted under FrauDfense, a company that was already set up and presented to supervisors and regulators, to make the overall process more efficient and safer. The company’s board of directors was composed at the time of two representatives from each entity.

Earlier in June 2023, CaixaBank announced the launch of its FCWallets, a solution that was developed for opening virtual accounts with no opening and maintenance costs, as well as for sending and receiving international payments in multiple currencies around the world. Following this announcement, CaixaBank aimed to make the service available for multiple select companies and collaborators from June 2023, in pilot mode. The product was expected to be launched to all interested clients in September of 2023. 

According to the press release published at the time, the service could be accessed by partners via CaixaBank’s website or application, which was expected to feature the overall FXNow currency market platform as well. 


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Keywords: product launch, banking, artificial intelligence, online banking, mobile banking, digital banking, financial services, financial institutions
Categories: Banking & Fintech
Companies: CaixaBank
Countries: Spain
This article is part of category

Banking & Fintech


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