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Global Finance awards BBVA for its innovations in AI, sustainability and payments

The publication specialized in financial markets and investment banking has included BBVA AI Factory for the second time in its list of the best financial innovation labs in the world. The Innovators 2023 Awards also recognized the car comparison tool in Spain and the collection link for companies in Colombia as two of the outstanding innovations in the sector in the last year.

BBVA AI Factory has once again been chosen by Global Finance as one of the best financial innovation labs in the world, a recognition that it had already received in 2021.

The center specializing in the development of AI-based products plays a predominant role in the innovation of BBVA products and services. This includes analytical components, such as the expense categorizer notifications of relevant events in the customer's financial situation, personalized suggestions for actions to improve their financial health or the prediction of their upcoming expenses and income. Global Finance noted tools such as the Mercury library, which compiles the code that BBVA's data scientists reuse to develop the analytical models embedded in these products, allowing them to be quickly scaled to other geographies.

In addition, the AI Factory has promoted a work system that encourages cutting-edge exploration and knowledge sharing among its employees, based on the agile methodology. Thus, among other initiatives, it has implemented a peer review system similar to that of academic scientific research, created an internal ‘discussion club’ to seek new joint approaches to ongoing projects, and has promoted the X Program, an ‘incubator’ to develop disruptive ideas that become functional prototypes and solve, in a short period of time, a challenge related to financial data. In addition to various actions aimed at promoting the growth, training and self-leadership of its professionals, this initiative has already earned it the recognition of Fast Company as one of the best places to work for innovators worldwide.

More sustainable mobility and streamlined payment collection

In addition to recognizing the world's best financial innovation labs, Global Finance honors the year's most innovative solutions and the institutions that are pioneers in making them available to their customers to improve their user experience.

In Best Innovations in Sustainability category, the award was given to BBVA's car comparison tool. Through this tool, the bank's customers can assess all the factors that influence the decision to buy a car: not only the purchase price of the vehicle, but also all the costs associated with its use (maintenance, fuel consumption, taxes, tolls, etc.), as well as the carbon footprint.

Once the customer selects the cars to be compared, the simulation shows how many years it takes for each of the selected vehicles to become profitable according to the customer's costs. The objective is to make the attractiveness of the electric option visible compared to the fuel option and thus promote sustainable mobility and financial savings.

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Among the best innovations for SMEs, the publication featured the payment link implemented by BBVA in Colombia, whereby businesses and freelancers can charge for their services by sending their customers a link via email or apps such as WhatsApp or Instagram, among others.

The solution streamlines their e-commerce activities without complex technological additions to their website. At the same time, their customers can conveniently choose between various payment methods, be it bank card, secure online payment or even cash, by generating a code that allows them to pay with this option through an authorized banking correspondent.

Global Finance notes that “from the world's great innovators come the tools, products and ideas that go beyond the ‘status quo’ and open up new possibilities.” Technologies such as artificial intelligence, distributed accounting, or open standards “present an opportunity for the most innovative financial organizations, enabling them to offer customers more intuitive experiences and more relevant information than ever before.”