BBVA acquisition news – Bilbao-based Financial Services Group BBVA partnered with OpenAI

ChatGPT will not be the only AI tool used by BBVA; other products are being considered to supplement its use. ChatGPT's "unique ability to generate content or answer complex business questions" was commended by a spokesman.

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The bank is the biggest financial institution in Mexico, it leads the Spanish market, it is present in over 25 countries, and it has franchises in South America and Turkey. For the past ten years, BBVA has dedicated particular development centres, dubbed AI Factories, to advanced analytics and artificial intelligence. These centres are home to 1,000 data scientists.

Elena Alfaro, the new Head of AI Adoption at BBVA said, “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,”.

Ricardo Martín Manjón, Global Head of Data at the company said, “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,”.

About BBVA

BBVA and their partners are transforming banking globally and aiming to usher in the age of opportunity for all. With a steadfast eye on the future, their ongoing digital revolution is already generating game-changing inventions that support their vision for banking.

About OpenAI

The goal of OpenAI, an AI research and deployment firm, is to make sure that universal artificial intelligence is beneficial to all people. Since AI is such a powerful instrument, human interests and safety must be prioritised in its development. OpenAI is committed to prioritising this alignment of interests over financial gain.