“Digitalization and innovation are key factors in BBVA's profitable growth strategy”

“Digitalization and innovation are key factors in BBVA’s profitable growth strategy”

Posted On: October 10, 2023

For Elechiguerra, BBVA’s success in digital transformation is the result of a strong commitment to innovation over many years, as digitalization has been one of the pillars of the bank’s strategy for more than a decade and during this time its value proposition has continued to grow. First, the bank focuses on improving customer service through digital channels, so that it can carry out operations and contract products more simply. Then, the company developed the capabilities needed to increase digital sales and attract new customers through remote channels. And now, BBVA seeks to advise its clients, through data and artificial intelligence, to make the best financial decisions.

Jose Luis Elechiguerra, global head of Engineering at BBVA, faces 2023 with a focus on continuing to develop the technology platform to enable new capabilities that allow us to offer the best solutions to clients. To achieve this goal, they continue to focus on disruptive technologies such as cloud, artificial intelligence, big data or biometrics, without neglecting the digital regulatory framework, as commented in Spanish CIO Interview.

In his speech, José Luis Elechiguerra also recalled how BBVA expanded part of its international business thanks to digitalization. In October 2021, BBVA launched a purely digital retail banking offering in Italy, which in the past two years has experienced above-expected growth, “with more than 240,000 customers at the end of August,” he said. Additionally, the bank has opted for entrepreneurial ecosystems through investments in newly founded digital banks: examples are Atom Bank in the UK, Solarisbank in Europe and Neon in Brazil.

More than 600 artificial intelligence projects

Data and technology are part of BBVA’s strategic priorities and, currently, The bank promotes nearly 600 data and AI projects across all countries. “We have multiplied the project eightfold in the last three years”Elechiguerra said. What this does is create a value proposition based on data and ‘Machine Learning’, based on creating predictive models of clients’ future movements to improve advice regarding their health, finances or related issues. continuity, changing relationship models and optimizing processes in fraud management. “We are in the process of new relationships with our clients,” he said.

Digitizing seniors: what BBVA is doing to become a more inclusive bank

In the banking sector in general, and at BBVA in particular, we are firmly committed to expanding financial services throughout the national territory, including rural areas, and providing services to all those who may be at risk of exclusion. case of elderly people. Elechiguerra has detailed all the measures the bank has implemented to strengthen assistance to this group, as it has done so creation of new figures, sales agents for face-to-face attention and digital support, extension of cashier working hours, adaptation of ATMs or creation of a more tailored and simple ‘app’ for those over 65.