BBVA partners with OpenAI to enhance generative AI capabilities

Monday 27 May 2024 14:03 CET | News

BBVA has become the first European bank to form an alliance with OpenAI, aimed at using OpenAI's expertise to enhance the bank's use of generative AI.


The bank has been actively involved in AI-based research and projects for several years. Recently, it has initiated approximately 100 projects utilizing various AI tools and signed a strategic agreement with OpenAI, the creator of ChatGPT, to deploy this tool among its employees.

It intends to use generative AI to improve processes, enhance productivity, and foster innovation by utilizing its capabilities in text and image creation and information processing. BBVA has started distributing 3,000 ChatGPT Enterprise licenses to its employees to achieve these goals.

Expanding AI capabilities

OpenAI will provide training and updates on its large language models, which underpin ChatGPT. BBVA aims to identify the most effective use cases for its business through this partnership.

BBVA has long focused on data and technology, operating development centers for advanced analytics and AI, known as AI Factories, in Spain, Mexico, and Türkiye. Over 5,000 employees, including around 1,000 data scientists, work to harness data and AI to improve business decisions and develop products that enhance customer financial health and aid in climate transition efforts.


Focus on innovation and employee development

Representatives of BBVA stated that new AI tools are expected to significantly impact society and the financial industry. BBVA aims to pioneer innovation in financial services by exploring the potential of generative AI to support customer decision-making and offer personalized services, while also fostering employee creativity.

The bank is currently distributing licenses in Spain and plans to extend this to other key markets. Each license will include compulsory training, enabling employees across various departments to collaborate on projects. BBVA will gather feedback and suggestions from users to highlight successful use cases and share best practices.

The bank noted that this initiative aims to validate the productivity benefits of ChatGPT Enterprise and transform work processes within the bank. She emphasized that the goal is to enhance employee capabilities rather than replace them. BBVA will continue to evaluate other AI tools for over 100 use cases planned for 2024.

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Keywords: partnership, artificial intelligence, generative AI, data analytics
Categories: Banking & Fintech
Companies: BBVA, OpenAI
Countries: Europe
This article is part of category

Banking & Fintech




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