After years at the forefront of artificial intelligence (AI)-based research and projects, BBVA has taken another significant step forward in the use of generative AI in its main markets.
The bank has prioritized around 100 projects to be developed with various tools employing this new technology. Furthermore, BBVA has signed a strategic agreement with OpenAI, the creator of ChatGPT, to deploy this cutting-edge tool among its employees.
The goal is to explore, in a safe and responsible manner, how generative AI can expedite processes, improve productivity, and foster innovation thanks to its abilities to create text and images and process information, among other features.
As the first European bank to form an alliance with OpenAI, BBVA is leading the way in integrating disruptive technologies within the financial sector. This collaboration will enable OpenAI to share its expertise and help BBVA unlock the full potential of generative AI, setting a benchmark for other financial institutions.
BBVA has commenced the deployment of 3,000 ChatGPT Enterprise licenses to its employees. This enterprise version ensures high-level security and privacy while offering capabilities such as content generation and complex business query resolution. The initiative is expected to boost productivity and innovation throughout the bank.
In addition to providing licenses, OpenAI will offer training and the latest updates for its large language models (LLMs), which underpin ChatGPT. By closely collaborating with OpenAI, BBVA aims to identify and implement the most effective AI use cases within its business processes.
BBVA’s dedication to data and technology is evident through its decade-long establishment of AI Factories in Spain, Mexico, and Türkiye. These centers focus on advanced analytics and AI development. With over 5,000 employees, including 1,000 data scientists, BBVA continuously strives to harness data and AI to enhance business decisions and create innovative products, such as solutions for improving customer financial health and supporting climate transition efforts.
The partnership with OpenAI underscores BBVA’s commitment to integrating generative AI as a key element in its value proposition. Ricardo Martín Manjón, global head of data at BBVA, said, “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.”
OpenAI COO Brad Lightcap added, “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 has started distributing licenses at its central services in Spain, with plans to expand this rollout to other main regions. Employees will undergo mandatory training to fully utilize ChatGPT’s capabilities. Feedback and best practices will be collected from users across different countries to refine and enhance AI applications within the bank.
“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,” explains Elena Alfaro, the new head of AI adoption at BBVA, whose role is to mainstream this technology across the Group. “We are aiming to enhance the capabilities of our employees, not to replace them.”
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