Financial services group BBVA has partnered with OpenAI, allowing employees to use ChatGPT’s APIs for market analysis and decision-making.
BBVA will not use ChatGPT exclusively instead of other AI tools and are considering other products to augment its use. A spokesperson praised ChatGPT’s ‘unique ability to generate content or answer complex business questions’.
The bank is present in more than 25 countries, has a leadership position in the Spanish market, is the largest financial institution in Mexico and it has leading franchises in South America and Turkey. BBVA has allocated specific development centers to advanced analytics and artificial intelligence, which it calls AI Factories, for a decade and it employs 1,000 data scientists.
“New artificial intelligence tools are going to have a disruptive impact on society as a whole and on the financial industry in particular. At BBVA, we want to further promote our role as pioneers when it comes to innovating in financial services and we are therefore firmly committed to exploring the potential of this technology.”
“We see this first foray into the use of ChatGPT Enterprise as an opportunity to validate the extent to which these tools can genuinely boost our productivity, thus transforming the way we all work within the bank,” said Elena Alfaro, the new Head of AI Adoption at BBVA. “We are aiming to enhance the capabilities of our employees, not to replace them,” she says.
“We believe that generative AI, when used safely and responsibly, is a game-changer in how we support our customers in their decisions and offer personalized services. It also happens to stimulate creativity among our employees,” added Ricardo Martín Manjón, Global Head of Data at the company.
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