BBVA has announced the 10 finalists in its Open Talent Ideas Competition – aimed at finding a banking model that works for both customers and banks in an era of historically low interest rates.
BBVA launched the competition back in February with the aim to seek out the most innovative, creative outside of the box thinking about possible solutions to the challenge.
Since then we have had more than 300 ideas submitted, from 49 countries and with solutions ranging across 17 different sectors including retail banking, commercial, SME and corporate.
We also saw ideas submitted from a range of people with many different backgrounds, including working, retired, academia and students.
We then conducted four separate review rounds, whittling the submissions down from that figure of 302 down to our last ten finalists – with the winner now due to be announced at the start of June.
The ideas submitted included ways in which social media could be used to add value to a person’s financial assets, ideas around the better use of data to add value to a person’s financial life and creating single point of contacts between banks, tenants and landlords to ease housing issues.
For the full breakdown of the ten finalists and their ideas for improving banking, visit www. https://www.centrodeinnovacionbbva.com/opentalent/ideas.
The low-interest rate challenge is being set as part of BBVA’s long-standing Open Innovation initiatives, which includes the BBVA Open Talent competition, and which aims to actively seek out, grow, and support the best new ideas for the banking sector.
The winner will scoop up a €10,000 prize, along with the opportunity to work with the bank’s senior executives on developing their idea. The finalists will now be coming to Madrid to discuss and defend their ideas in front of the jury consisting of BBVA’s top management.