Banking entities in Spain are negotiating with firms and service providers to reduce fees, arguing that artificial intelligence improves efficiency. This trend, already observed in the U.S., aims to balance the rising costs of technology.
Spanish banking entities are in discussions with firms and other professional service companies to adjust their fees or enhance the quality of services based on the use of artificial intelligence (AI). The information, reported by expansion.com, indicates that banks are seeking ways to keep costs under control amid increasing investment in technology.
This movement is part of an emerging trend in the financial sector, especially in markets like the U.S., where institutions such as Goldman Sachs and Morgan Stanley have already begun renegotiating fees with their providers. These banks believe that the implementation of AI in various tasks accelerates processes and improves productivity.
In Spain, some banks are already implementing this strategy, requesting adjustments in costs or an increase in the benefits of contracted services. One entity has revealed that it is working in this direction not only with law firms but with all its professional service providers.
One of the new demands from banks includes the implementation of automation for project monitoring and the presentation of a greater number of alternatives in proposals. If providers cannot meet these demands, the alternative will be renegotiation of fees.
Internally, banks have begun to internalise tasks that they previously outsourced, such as in due diligence processes, thanks to the capabilities of AI. Although advice on complex litigation will continue to be outsourced, repetitive tasks are increasingly managed internally.
Despite this trend, not all banks share the same vision. Some believe that the true value of AI lies in its ability to provide more accurate results and improve the specialisation of analyses, beyond simply reducing fees.
Some professional service firms have raised their fees, arguing that their investment in technology allows them to offer higher quality and more precise services. This reflects a dynamic in which the use of AI can transform costs and the quality of services in the financial sector.
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