Communications 21 Jan 2016

Francisco González on the Fourth Industrial Revolution, "The scope of this revolution will be huge"

This edition of the World Economic Forum suggests to its participants how to meet the challenges of the Fourth Industrial Revolution arising from technological changes. For Francisco González, in banking, "the key for an organization like BBVA is to turn the bank into a digital services company," he said today on CNN from Davos.

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Francisco González at the World Economic Forum Annual Meeting: "Now is the time for high politics"

BBVA Chairman and CEO Francisco González, shared his insights into some pressing issues following his participation at the Annual Meeting of the World Economic Forum in Davos. Mr. González addressed some of the hottest topics affecting the Spanish economic and political landscape, as well as the global financial industry, and stated that “Spain needs a stable and realistic government, one that continues to work on the reforms we need to underpin growth.”

As a matter of fact the subject chosen by Davos in 2016 coincides with the Chairman of BBVA’s vision. "The scope of this revolution will be huge," he noted. Francisco González believes that if you consider what has happened to big data analytics, cloud computing, artificial intelligence and blockchain, we will see a major change in the future.

Picture of Francisco González in an interview with CNBC from Davos

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The Chairman of BBVA places banking as "the next on the list" to be revolutionized by technology, after the transformation experienced by other sectors, as highlighted today on CNBC (pictured).

Francisco González anticipates the establishment of a "new league of competitors" formed by banks such as BBVA, some startups and the big Internet players. "In five years, a new banking ecosystem will emerge, which will operate in a completely different world, based on extreme transparency, where customers will be the winners", he said. In this regard, he stated that "BBVA will be in the midst of that ecosystem, giving our customers the best services."