BBVA once again named ‘Best Bank in Spain’ by The Banker

The British magazine, The Banker, presents its award for “best bank” based on a combination of criteria that include the bank’s leadership, ability to innovate technologically, financial performance, positive impact on its customers, and contribution to sustainability and social responsibility. These factors identify banks that not only stand out for their business performance, but also for their commitment to the well-being of their customers, the financial sector and wider society.

The Banker's Editor-in-Chief, Silvia Pavoni, remarked that: “BBVA’s strong performance and continuous investment in new technologies are noteworthy, as is its ambition to grow in its home market. Clever solutions to improve efficiency and provide a more personalized service to customers can only support the bank’s expansion further.”

“Receiving recognition as the best bank in Spain for the second time is a merit that reflects the joint efforts of our team and our firm commitment to innovation and digitization in the country,” said Peio Belausteguigoitia.

When accepting the award on BBVA’s behalf, the Head of BBVA CIB in Spain, José Ramón Vizmanos, emphasized that: “We are proud that The Banker recognizes and values the innovative tools and technologies we have developed and continue to perfect to improve the experience and lives of our customers.” This recognition, he added, reinforces the bank’s commitment to continue advancing digital transformation, and to remain at the cutting-edge of financial solution development.

Advances in innovation

Over the past year, BBVA has made Artificial Intelligence (AI) one of the core drivers of the bank's innovation strategy. BBVA has stayed ahead of the industry with the signing of a strategic agreement with OpenAI, which has boosted its digital transformation. The implementation of more than 1,100 AI models enables customers to interact with tools that predict their financial needs and suggest personalized solutions. BBVA has also automated internal processes, achieving significant gains in efficiency and speed, ranging from streamlined document management to agile creation of marketing campaigns.

BBVA has also reinforced its cybersecurity infrastructure to address growing digital risks, thus consolidating customer trust. Key initiatives include the implementation of an advanced threat detection system that relies on AI and machine learning. Existing biometric authentication methods and a system to protect against bot attacks have also been toughened and promoted. To raise customer awareness, BBVA launched the ‘Cibersencillo’ campaign, educating them about threats like phishing, and simulating attacks, which has enhanced their levels of vigilance.

Meanwhile, the bank has launched various innovative services to enhance the customer experience, such as integrating ‘Cl@ve PIN’ to accelerate the process of opening an account and applying for a loan. Thanks to this functionality, customers can take out loans and arrange other services without having to go to a branch, thus providing a more streamlined and far more secure experience. These steps not only help to build customer confidence, but also make BBVA a leader when it comes to data protection. BBVA has also made its ATMs more accessible for the visually impaired to provide a more inclusive experience.

As part of its pledge to embrace sustainability, BBVA remains firmly committed to reducing carbon emissions, with the goal of achieving net zero emissions by 2050. In 2023, customers with lower carbon footprints accounted for 80 percent of BBVA’s total loan portfolio. The strategy includes programs to help SMEs and individuals measure and reduce their CO2 emissions, by offering solutions such as financing for renewable energy installations and electric mobility. The bank has also launched an app feature to support and accompany customers in becoming more sustainable, thus contributing to the shift to a greener future while cementing its leadership in the sector. And it achieves all of this through concrete measures. For example, in 2023, BBVA financed the installation of 16,500 solar panels, reaching a 35 percent market share in financing, significantly boosting the adoption of renewable energy and helping customers reduce their carbon footprint.

The British publication also recognized BBVA’s commitment to inclusive growth through the BBVA Microfinance Foundation (BBVA-MF) with the global award for the best bank in financial inclusion. The Banker’s Editor-in-Chief, Silvia Pavoni, explained that: “There are numerous microfinance initiatives out there, but when they lead to clear and tangible results, such as those reported by the BBVA Microfinance Foundation, they deserve special recognition.” The editors of The Banker held a particularly positive view of the foundation’s efforts in financial education and the loans and insurance products it offers to protect microenterprises from natural disasters. Since its birth in 2007, BBVA-MF has served six million low-income entrepreneurs through its various entities, and has delivered upward of $20 billion in loans for their further growth and development. Last but not least, The Banker singled out BBVA’s franchises in Peru and Venezuela, which received the award for best bank in their respective countries.