After years at the forefront of projects and research based on artificial intelligence (AI), BBVA takes a “decisive step” in the use of generative AI in its main markets.
On the one hand, it has prioritized “around 100 projects that will be developed with different tools of this new technology.”
And, on the other hand, it has signed “a strategic agreement with OpenAI, the creator of ChatGPT, to begin deploying this tool among its employees.”
The objective is to explore, in “a safe and responsible way, generative AI to accelerate processes, improve productivity and promote innovation thanks to the new capabilities for creating text, images or processing information, among its multiple functionalities.”
With this agreement, BBVA is once again a supporter of “the adoption of disruptive technologies that will impact the financial industry, as it is the first European bank to have an alliance with OpenAI, which will collaborate with the bank to share knowledge and ensure that the use of the tool brings its full potential to the entity.”
BBVA is laying the foundations “to face the great challenge posed by the application of generative artificial intelligence (AI) in financial services.”
During the internal DataFest sessions, the bank “explained how it is already developing large projects with external suppliers and, in parallel, has selected various use cases that will begin to be deployed throughout 2024.”
BBVA has already begun to “deploy 3,000 ChatGPT Enterprise licenses among the Group’s employees with which it aims to increase productivity and process efficiency, while stimulating innovation throughout the Group.”
The business version of ChatGPT guarantees “the highest degree of security and privacy , combined with its ability to generate content or answer complex business questions, among its many possibilities.”
For its part, OpenAI is committed to “providing training and access to the latest updates to its large language models or LLMs (large language models), the technology on which ChatGPT is built. By working closely with OpenAI, BBVA will drive the most successful use cases for the bank’s business and processes.”
Data and technology are the transformation levers of BBVA, which, “for more than a decade, has had specific development centers for advanced analytics and artificial intelligence, today known as ‘AI Factories’ (Artificial Intelligence Factories) in Spain, Mexico and Turkey.”
To these teams we must add the analysts and data specialists “spread throughout all business areas, which add up to more than 5,000 employees, 1,000 of them data scientists, dedicated to adding value to data and AI, both for making business decisions, as well as in the creation of different types of products.”
For example, solutions that help “take care of clients’ financial health or climate transition.”
The agreement with OpenAI is “part of BBVA’s commitment to generative AI as an essential element to differentiate the value proposition it offers to its clients.”
Ricardo Martín Manjón, Global Data Manager at BBVA said;
“The new artificial intelligence tools are going to have a disruptive impact on society as a whole and also on the financial industry. At BBVA, we want to continue promoting our role as pioneers in innovation in financial services and, therefore, we are decisively betting on exploring the potential of this technology. We believe that generative AI, used safely and responsibly, can change the paradigm of how we support our clients in their decisions and offer personalized services; at the same time that it stimulates the creativity of our employees.”
David Puente:
“The use of GenAI can generate a leap even greater than that of digital transformation”
David Puente has been heading BBVA’s Client Solutions “for five years, the area that, as he himself explains, “drives the growth and innovation” of BBVA.”
Under his responsibility are the development of the value proposition for individual clients, companies, as well as non-clients, “including the global design of products, the customer experience, the relationship and distribution model, as well as the construction of new capabilities and the exploration of new business opportunities.”
OpenAI COO Brad Lightcap adds:
“We are delighted to partner with BBVA , one of Europe’s leading banks, to deliver ChatGPT Enterprise capabilities at scale. AI simplifies routine tasks, empowering creativity, efficiency and productivity.”
The deployment of licenses has already “started in the central services of Spain, and will then continue in the main countries where the Group operates.”
Setting up an account will be accompanied by mandatory training. The goal is for all areas to have access to ChatGPT, so that “licensed employees will collaborate with their colleagues to carry out different projects.”
At the same time, BBVA will collect comments and suggestions “from these users in a multi-country community in order to identify the most notable use cases and extend best practices.”
