Spanish lender Banco Bilbao Vizcaya Argentaria (BBVA) has announced a strategic partnership with US-based artificial intelligence (AI) organization OpenAI to advance the application of AI in the banking sector.
Under this partnership, both organizations will develop AI-driven solutions for customer service, internal operations, and employee productivity.
The agreement builds on a two-year collaboration between BBVA and OpenAI and includes joint investments and common goals.
OpenAI supports BBVA's AI strategy to improve the customer experience and optimize the bank's operations.
The partnership will also give BBVA access to OpenAI's latest AI models and expertise and enable closer collaboration with engineering, research, and development teams.
BBVA Chairman Carlos Torres Vila said: “We have been pioneers in digital and mobile transformation, and now we are entering the AI era with even greater ambitions.
“Our partnership with OpenAI will accelerate the native integration of artificial intelligence across the bank, creating a smarter, proactive and fully personalized banking experience while staying ahead of every customer's needs.”
This collaboration will focus on creating an intelligent conversational assistant designed to assist customers with their daily financial activities.
OpenAI and BBVA plan to develop additional tools that will set new standards for customer engagement and enable relationship managers to provide personalized support.
They develop systems that streamline risk analysis and transform operational processes such as software development and employee daily tasks.
It also creates a digital “alter ego” that can learn from an employee's work habits, remember ongoing projects, and carry out tasks while monitoring them.
Following an initial phase of 11,000 staff, BBVA plans to expand the use of ChatGPT Enterprise to more than 120,000 employees.
In the early stages, the technology was used consistently, with 80% of participants reporting that they accessed the Assistant daily and saved an average of three hours per week on daily activities.
BBVA is also working to integrate its products and services directly into ChatGPT, allowing users to interact with their bank through OpenAI's platform.
The Spanish bank has already demonstrated a ChatGPT integration app for digital banks in Italy and Germany.
BBVA said the agreement aims to establish a new industry benchmark for AI-driven transformation in financial services.
OpenAI CEO Sam Altman said: “BBVA is a powerful example of how leading financial institutions can deploy artificial intelligence with real ambition and speed.
