Banco Bilbao Vizcaya Argentaria, S.A. and OpenAI, L.L.C. have entered into a strategic alliance aimed at redefining the future of financial services through the use of artificial intelligence. The agreement, announced by Carlos Torres
Vila, Chair of BBVA, and Sam Altman, CEO and Co-founder of OpenAI, marks a unique and unprecedented level of collaboration in the financial industry to build a radically customer-centric proposition and to drive a more productive and efficient operating model. The agreement comes after nearly two years of joint work and represents a strategic collaboration, with teams of OpenAI and BBVA working towards shared objectives and making joint investments. OpenAI will help advance BBVA?s AI strategy, through which the bank is transforming the customer experience and, in doing so, enabling new ways of working and optimizing internal A distinctive element of this alliance is the role OpenAI will play in co-creating solutions that enable BBVA to accelerate its AI-driven transformation strategy, recently announced by the bank. This means BBVA will have preferential access to OpenAI?s most advanced capabilities?including expert talent and cutting-edge models?and will work hand in hand with its engineering, research and solutions development teams. Among the various workstreams, the agreement aims to create an intelligent conversational assistant capable of supporting customers in their financial day-to-day, setting a new standard for customer engagement and enabling a truly differentiated level of service. In addition, both companies will jointly develop other solutions to help relationship managers serve customers in a fully personalized way. OpenAI and BBVA will also work together on building systems to streamline risk-analysis processes and to transform the bank?s operations in areas as critical as software development or the everyday tasks of employees. This includes creating a digital ?alter ego??a proactive second self that learns each employee?s way of working, remembers their projects and executes tasks with their authorization and oversight operations. With the deployment of ChatGPT Enterprise across the organization, BBVA is taking a decisive step toward an entirely new productivity model powered by AI. In addition, BBVA is working to integrate its products and services directly into ChatGPT, enabling any user to interact with the bank through OpenAI?s conversational assistant. The bank has already showcased a demo of its ChatGPT-integrated app for its digital banks in Italy and Germany. The strategic agreement between BBVA and OpenAI aims to set a new benchmark for transformation in the financial industry, driving innovation and generating tangible value across all BBVA business lines. It is an alliance designed not only to accelerate BBVA?s transformation, but also to redefine what will be possible in banking over the next decade.