BBVA Improves Productivity via Strategic Open AI Cooperation

BBVA has taken a significant leap forward in integrating generative AI into its operations by signing a strategic agreement with OpenAI, the creator of ChatGPT, as stated in Fintech Global News. This partnership aims to explore the potential of AI to expedite processes, enhance productivity, and foster innovation within the bank.

As part of this collaboration, BBVA has prioritized around 100 projects that will utilize generative AI technology. The bank has started deploying 3,000 ChatGPT Enterprise licenses to its employees, ensuring high-level security and privacy while offering capabilities like content generation and complex business query resolution. This initiative is expected to significantly boost productivity and innovation throughout the organization.

BBVA, the first European bank to form such an alliance with OpenAI, aims to set a benchmark for other financial institutions by unlocking the full potential of generative AI. OpenAI will provide training and updates for its large language models (LLMs) to help BBVA identify and implement the most effective AI use cases within its business processes.

Ricardo Martín Manjón, BBVA’s global head of data, emphasized the bank’s commitment to innovation: “New artificial intelligence tools are going to have a disruptive impact on society as a whole and on the financial industry in particular. At BBVA, we want to further promote our role as pioneers when it comes to innovating in financial services and we are therefore firmly committed to exploring the potential of this technology. We believe that generative AI, when used safely and responsibly, is a game-changer in how we support our customers in their decisions and offer personalized services. It also happens to stimulate creativity among our employees.”

Brad Lightcap, OpenAI’s COO, expressed excitement about the partnership: “We’re excited to partner with BBVA, one of Europe’s top banks, to deliver the capabilities of ChatGPT Enterprise at scale. AI streamlines mundane tasks, boosting creativity, efficiency, and productivity.”

BBVA’s decade-long dedication to data and technology is evident through its AI Factories in Spain, Mexico, and Türkiye, employing over 5,000 staff, including 1,000 data scientists. These centers focus on advanced analytics and AI development, creating innovative products to enhance customer financial health and support climate transition efforts.

Elena Alfaro, BBVA’s new head of AI adoption, explained the bank’s approach: “We see this first foray into the use of ChatGPT Enterprise as an opportunity to validate the extent to which these tools can genuinely boost our productivity, thus transforming the way we all work within the bank. We are aiming to enhance the capabilities of our employees, not to replace them.”

BBVA has begun distributing licenses at its central services in Spain, with plans to expand to other regions. Mandatory training for employees will ensure they fully utilize ChatGPT’s capabilities, with feedback and best practices collected to refine and enhance AI applications within the bank.