Global Finance honors BBVA’s innovations in cryptoassets and artificial intelligence
The international publication has granted two ‘Innovators Awards’ to BBVA for its crypto asset service in Switzerland and for an automated process the bank has developed to guide the creation and application of machine learning models for the early detection and management of debt.
The launch of BBVA Switzerland’s service for the trading and custody of bitcoin and ether was a first among large Eurozone banks, offering private banking clients the opportunity to trade directly in the market’s two most popular cryptocurrencies through a traditional institution.
In late 2023, BBVA moved the crypto custody service to Metaco’s Harmonize platform, which adheres to the most stringent regulatory security standards for cryptocurrency custody and allows for faster validation of transactions. This new platform also paves the way for further expansion through features and functions, such as the purchase and sale of other cryptoassets or the tokenization of traditional assets.
This strategy, which aims to make BBVA a key player in the institutional blockchain ecosystem while ensuring absolute security for customers, has now been recognized by Global Finance as the best digital asset service at the latest edition of its Innovators Awards.
At the same awards, the prestigious publication has also honored an innovative machine learning process related to debt management, created by BBVA AI Factory. The bank’s new system relies on AI techniques to spot customers who have bitten off too much debt and proposes quick and personalized solutions to help them get back on their feet or stop things from getting worse, such as readjusting their payment plans.
So far, BBVA has developed more than five machine learning models, enabling it to tailor the debt management solution to the individual circumstances of each customer. The winning solution is a pipeline or structured sequence of steps developed by BBVA AI Factory data scientists to automate the entire process, from data collection right through to the training of these models. Combining traditional risk analysis methods with cutting-edge machine learning techniques, the process standardizes and accelerates the development of these models so that they can reach the customer as quickly as possible.
“Innovation continues to help banks and other financial institutions gain a strategic competitive advantage over their peers,” said Joseph Giarraputo, founder and editorial director of Global Finance. “By harnessing new technologies and imaginative thinking, this year’s winners have developed groundbreaking solutions to both ease customer pain points and deliver outstanding user experiences.”