BBVA AI Factory cements its position among the world’s best financial innovation labs
BBVA AI Factory, BBVA's artificial intelligence hub, has been honored for the third time by Global Finance magazine as one of the leading innovation labs in the financial world. BBVA is the only Spanish bank featured in this ranking, which highlights "excellence" in creating solutions that address current challenges in the financial sector.
Global Finance has published its list of the best financial innovation labs of 2024. BBVA's AI Factory is spotlighted among a select group of 56 labs worldwide. “Innovation in the financial sector is more critical than ever. The institutions recognised as the best financial innovation labs of 2024 exemplify excellence in pushing the boundaries and creating impactful solutions that address today's complex financial challenges," says Joseph Giarraputo, publisher and editorial director of Global Finance.
BBVA AI Factory, which appears on this list for the third time, is credited for its ability to develop and apply artificial intelligence in financial services, improving the customer experience and optimizing internal processes in a cross-cutting manner across the bank. This distinction follows the accolade that the same magazine recently gave in its "The Innovators" awards to BBVA AI Factory's ground-breaking machine learning process, created to detect customers who have slipped into debt and propose quick and personalized solutions to help them get out of the red.
BBVA AI Factory was launched in 2019 with the aim of developing and applying artificial intelligence technologies at BBVA to solve complex challenges in the financial industry. Today, AI Factory has more than 400 professionals working globally.
Its purpose is to develop analytical components that enable the creation of technological solutions for the bank. These solutions leverage artificial intelligence to help customers with their banking queries, such as the financial health functionalities of BBVA's mobile app, customized financial product recommendations and virtual assistants for bank branch managers. This world-class excellence hub has made major advances in areas such as natural language processing, machine learning and, more recently, generative AI.