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BBVA AI Factory | The newspaper ABC includes BBVA's Financial Health tools in an article on AI in banking - BBVA AI Factory
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News - 17/05/2022

The newspaper ABC includes BBVA’s Financial Health tools in an article on AI in banking

In this article published in abc.es, Francisco Maturana, CEO of BBVA AI Factory, reflects on the opportunities and challenges of Artificial Intelligence in the banking sector together with other experts and professionals in the field

One of the aspects addressed in the article are the AI-based tools developed by BBVA to help customers improve their financial health. For example, thanks to AI and Machine Learning systems, the bank is able to detect situations that are not normal in their customers’ finances: a higher electricity bill, lower income from a tenant, or an isolated transfer that had never happened before. In these situations, BBVA informs them through alerts to give them the opportunity to prepare for unexpected expenses and address possible errors. But these relevant events can also sometimes activate suggestions, such as dedicating part of an extraordinary income to savings.

Therefore, BBVA is evolving everything from the provision of banking services to personalized advisory services, which thanks to technology, can help millions of people improve their finances at the same time.

Throughout its history, BBVA has been a pioneer in the use of technology and on the path towards digitalisation within the financial sector, obtaining great recognition year after year for its digital services, such as the mobile app.

In recent years, the bank has continued to make progress in its strategy of placing technology and data at the heart of its activity. In 2014, the firm commitment to the development of products based on Artificial Intelligence materialised with the creation of a centre of excellence that today represents BBVA AI Factory, a company belonging to the BBVA Group. In 2017, the Data area was created within the bank, reporting directly to the Chairman, and just three years later, in 2020, work on data became one of BBVA’s six strategic priorities and a fundamental transformation lever within the organisation.

Today we have more than 800 data scientists working in the different countries where BBVA operates, 50 of them in the BBVA AI Factory, which integrates up to 180 technology professionals and where the bank’s big bets in terms of Artificial Intelligence-based products are developed.