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BBVA Open Challenges, a challenge for every entrepreneur

Every year, BBVA Open Challenges proposes a number of challenges aimed at finding solutions to the challenges identified in different areas of the bank. The registration phase for two new editions of this contest will open in August: Challenge F4C, covering proposals to transform the relationship between banks and customers; and Challenge Global Trends, which seeks to transform the trading of tomorrow through augmented reality and intelligent algorithms.

The BBVA Open Challenge initiative aims to open current banking challenges to the entire startup ecosystem. Each year, these calls for open innovation invite participants to set forth their ideas, which can range from the development of an algorithm to the creation of a business model or a paper.

For anyone interested, the two Challenges are currently open for registration in August 2017 are Challenge Global Trends and Challenge F4C. Results for both Challenges will be announced in September. The calendar of the different phases of both calls – as well as the links to each Challenge for participants – is available at the BBVA Open Challenge page.

The idea behind this program is to encourage participants to work for days or weeks on an idea to solve a specific challenge proposed by one of the bank’s teams. The proposing team will be responsible for assessing each project submitted. The award consists of an economic component, but also offers entrants the opportunity to meet the team of the bank behind the Challenge proposal and assess the feasibility of the project.

BBVA Open Challenge F4C

The relationship between businesses and the banking ecosystem is slowly changing. The range of available financial alternatives keeps expanding – with the arrival of ‘fintechs’ and ‘neobanks’ – and new intermediaries are appearing, focused on improving the experience in the relationship between client and financial provider.

These are only the first steps of a much deeper, more systemic and organized transformation. Through BBVA Open Challenge F4C, BBVA aims to imagine how this new way of interacting will be: more natural and agile than in the past, and more focused on meeting needs and solving problems than on hiring products.

Purpose

In particular, the challenge focuses on exploring new forms of ‘onboarding’ or first time, how to share information – both how much and when – in a more appropriate and practical way; how to be more flexible in the use of financial solutions to adapt them to each moment and situation; and how to improve after-sales service.

Format:

Ideas should be conveyed into a theoretical model that includes the people, channels and the ‘journeys’ that define this new relationship between clients and banks. The maximum length of each proposal is 10 pages and may be accompanied by graphic material or a video (maximum five minutes).

Participants can submit their proposals from August 2 to 21. Finalists will be announced on August 30 and the final will be held in London on September 6 and 7. For more information about the call, please click here.

BBVA Open Challenge Global Trends

BBVA Open Challenge Global Trends sets forth two different challenges for participants: Imagining how tomorrow’s trading workstations will be like, through a hackathon based on augmented reality; or the development of an intelligent trading algorithm.

1. ‘Hackathon’: Tomorrow’s trading

Currently, a trader’s typical workstation consists of a large number of screens, usually between four and eight. Having so many screens can be of great help since applications and data visualizations can be strategically placed in different spaces. Thus, the ‘trader’ can get a comprehensive view of the market, launched orders, active algorithms, and so on, without having to switch between several applications. For this hackathon, BBVA Open Challenge proposes using augmented reality technologies to improve on this traditional format.

This Challenge will carried out in partnership with Intelequia and projects will be tested using their augmented reality glasses. The challenge may include (but is not limited to): visualization and analysis of market changes (volumes, prices, correlations, etc.), deployment and monitoring of trading algorithms, collaborative tools among ‘traders’ in different locations, monitoring of market risk, and portfolio management tools.

2. Trading Algorithms

In order to operate successfully in modern large-scale financial markets, it is essential to be able to buy and sell blocks of shares at the lowest possible cost. But in the case of very large share blocks, carrying out the operation in real-time can have a cost penalty as there are not enough buyers or sellers willing to cross at the best possible price; or because they try to take advantage of the need to buy and sell this block to lower the price.

The purpose of this challenge, in partnership with Qbitia and using the company’s tools, is to develop an automatic and intelligent strategy that allows to purchase or sell a block of shares minimizing transaction costs. To this end, entrants will be granted access to a trading algorithm development environment, that will allow them to define advanced strategies in a simple and user-friendly way, and to assess possibility of evaluating their historical performance based on BBVA assets in the Spanish market.

The registration period for the two Global Trends challenges will remain open between August 1 and September 1. On September 8 the five finalists of each Challenge will be announced and the final will take place between the September 25 and 26 at the Next Money event in Chicago (USA). For more information about the Global Trends call, please click here.

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