BBVA, OpenAI partner to boost AI application in banking sector

Core Insights - Spanish lender Banco Bilbao Vizcaya Argentaria (BBVA) has formed a strategic partnership with US-based OpenAI to enhance AI applications in the banking sector [1][2] - The collaboration aims to develop AI-driven solutions for customer service, internal operations, and employee productivity, following two years of prior collaboration [1][2] Partnership Objectives - OpenAI will support BBVA's AI strategy to improve customer experiences and optimize operations, providing access to the latest AI models and expertise [2] - The partnership will focus on creating an intelligent conversational assistant to assist customers with daily financial activities [3] Development Plans - BBVA and OpenAI plan to set a new standard for customer engagement and develop tools for relationship managers to provide personalized support [4] - They will also create systems to streamline risk analysis and transform operational processes, including a digital "alter ego" to assist employees [4] Implementation and Impact - BBVA will extend the use of ChatGPT Enterprise to over 120,000 employees, with initial phases showing 80% daily usage and an average weekly time saving of three hours [5] - The bank has already demonstrated a ChatGPT-integrated app in Italy and Germany, aiming to establish a new industry benchmark for AI-driven transformation in financial services [6]