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Entrepreneurship 04 Oct 2019

BBVA and South Summit call upon entrepreneurs to improve banking

BBVA, in partnership with South Summit, has launched a request for proposals to solve two major challenges of the financial sector: improving digital onboarding processes and digital banking services for SMEs.

As part of its commitment to support the startup ecosystem, BBVA is calling upon startups to submit their proposals to solve two major challenges of the financial sector, leveraging new technologies and alternative sources of data.

“At BBVA we’re always looking for ways to connect with the best fintech solutions and talent through partnerships that allow us to keep transforming the financial services sector,” said Pedro Muñoz, Head of Open Innovation at BBVA Spain, during the announcement of the initiative during the South Summit event in Madrid.

“We want to identify potential partners to work with. This year, in collaboration with South Summit, we are reaching out to the entrepreneur and investor community to help us develop real-life solutions in exchange for an opportunity to collaborate with us directly,” said Muñoz.

Shortlisted candidates will have the opportunity to interact with the BBVA business units responsible for assessing the proposals and choosing those that best meet the bank’s needs to explore new ways of collaborating. The submissions period will run through October 27. The invitation is open to Startups, professionals or businesses that already have solutions capable of running on already existing technologies.

Specifically, BBVA is looking for proposals to solve two key issues that affect the financial sector as a whole:

1. Improving the customer onboarding process

BBVA is looking for solutions to optimize customer onboarding processes deployed on digital channels. For this purpose, participants need to propose the use of alternative data sources – instead of the standard ones currently used by the industry – to help improve three aspects of the digital onboarding process.

  • Collecting customer data in a way such that it can be automatically and digitally processed.
  • Preventing digital fraud.
  • Assessing risk on digital channels.

For more information on the challenge, please click here.

2. New digital banking solutions for SMEs

BBVA is looking for solutions to transform the way in which the bank interacts with SMEs, as well as to create new products and services for this target group. Specifically, BBVA is looking for solutions capable of automating internal processes at small and medium sized businesses and taking care of substantial parts of their administrative workload to boost their competitiveness.

BBVA will chose the startups capable of leveraging technology to either come up with new products for this group of clients, or improve existing digital services.

For more information on the challenge, please click here.

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