The implementation of the Sandbox in Spain is “very good news for the banking sector, without a doubt.” This was stated by our advisor Lorena Mullor in her presentation at the BBVA Open Innovation event, where she highlighted the benefits that this testing ground for financial innovation can have for banking services customers.
This instrument, which began its journey this year, facilitates the innovation of financial services in order to offer new products and services, while at the same time protecting banking consumers and ensuring the necessary financial stability, she maintained.
Furthermore, the Sandbox will contribute to positioning Spain as one of the most suitable environments for technology-based financial innovation. “We may not have been the first to have a sandbox, but ours is one of the best designed, as it guarantees a secure testing environment without restricting innovative projects.”
Among the opportunities it presents, this innovation field “can facilitate access to financing for more people thanks to, for example, projects using Artificial Intelligence (AI) and data analysis in the banking sector to improve risk assessment models,” Mullor emphasized.
The possibility of using new sources of non-financial customer data and analyzing them with AI models—she explained—can help better measure the risks of a credit operation and thus help reduce those cases in which credit is denied due to lack of information or imprecise analysis of available information, enabling more people to access financing.
On the other hand, the AEB advisor highlighted that of the 67 projects submitted to enter the Spanish Sandbox, 18 have already been accepted, and therefore wished to emphasize the effort of the supervisors who must manage them with their current human and technical resources.
