News - 01/06/2023

BBVA AI Factory receives a new recognition from Global Finance in The Innovators Awards

As it did in 2021, Global Finance, a specialized publication in the financial sector, has included BBVA AI Factory as one of the best financial innovation labs for 2023
a data scientist working with her laptop in a meeting

BBVA AI Factory is pivotal in creating and developing Artificial Intelligence-based products within BBVA. Our projects and knowledge-sharing initiatives have led to recognitions such as Global Finance’s, positioning us at the forefront of technology integration in the financial sector.

One of our best-known areas of expertise is helping clients improve their financial health. We offer data products that enhance understanding of the financial situation, such as the automatic assignment of income and expense categories and predicting future movements in the bank account. In addition, the BBVA app provides data-driven recommendations and personalized messages to help customers manage their finances daily.

However, the development of AI models continues beyond there. We also see clear examples of their applications in fighting fraud, attracting new customers, and improving the relationship with customers by exploring the capabilities offered by Large Language Models.

The initiatives we carry out at AI Factory are a part of our DNA and explain why Global Finance has awarded us for the second time. The specialized publication on financial markets highlights the release of the code library Mercury to the entire community. This has represented an important step for the bank in its commitment to contribute to the open-source universe.

Thanks to this library, we have streamlined the development of new data-based products and promoted the reuse of high-quality code within BBVA. The analytical components of Mercury that are now open-source are ready for production and are not tied to specific business cases. However, many of the analytical solutions focus on addressing typical issues in the financial sector.

Other recognitions within BBVA

In addition to the recognition we received in AI Factory by Global Finance, we also celebrate two other awards for initiatives developed in BBVA. Global Finance has awarded BBVA’s car comparator in the category of best innovations in the field of sustainability for promoting savings linked to the transition to more sustainable mobility models.

Among the best innovations for SMEs, BBVA has been recognized for developing a payment link in Colombia. This allows SMEs and freelancers to easily carry out their e-commerce activities by charging for their services through a link sent via email or applications such as WhatsApp or Instagram.

About Global Finance Awards

Global Finance is a renowned publication specializing in finance that publishes an annual report highlighting the leading players and trends in fintech innovation. The Innovators, in which internal or external labs are awarded by banks, governments, universities, and NGOs worldwide, include the selection of the “best financial innovation labs in the world.” These awards have already recognized our work in the AI innovation sector in 2021.