Launched in March 2017, the world’s biggest challenge for FinTech startups – BBVA Open Talent 2017 – moves onto the next milestone after closing applications for BBVA Open Talent Identity. With its next challenge, BBVA is opening the hunt for the most disruptive startups related to AI that are capable of transforming the finance world. BBVA Open Talent Artificial Intelligence is designed to provide unparalleled opportunities for startup focused on AI solutions – developing digital systems that are able to either outperform human abilities, or on tasks that would normally require human intelligence.
Artificial intelligence (AI) is expected to bring inevitable changes into bank-customer touchpoints and FinServ companies’ value chains. Increased efficiency and accuracy of processes powered by AI allow companies to enhance customer service and reshape organizational structures to adapt to new business models. Some estimates suggest that the total global market for robots and artificial intelligence will reach ~$153 billion by 2020, and the adoption of these technologies could improve productivity by 30% in some industries.
Experts believe that as the capabilities of AI evolve, FinTech companies will harness this technology to make better decisions and offer improved solutions. They’ll make use of predictive analytics to break down big data and analyze large volumes of consumer information. APIs will allow for seamless integration and partnerships between established banks and FinTech startups. This will create an enhanced user experience, with more intuitive interfaces, assisted customer interactions and robo-advice.
With the BBVA Open Talent Artificial Intelligence challenge, BBVA is looking for the very best ideas that incorporate AI into the world of FinTech and banking. For example, solutions that anticipate customers’ needs and help them to make better decisions, based on their different personalized options, specific goals and personal situation.
The structure of BBVA Open Talent 2017
As a reminder, BBVA Open Talent 2017 consists of the following international competitions: Regional Competitions, Thematic Competitions, and Two Additional Special Awards. The winners of the five competitions will participate in the great final, BBVA Global Summit, seeking to become a BBVA Open Innovation Universe hero. BBVA Open Talent 2017 provides an opportunity for the winning startups to work with senior leaders across the bank, make business connections and win prizes in excess of €200,000.
- Three thematic worldwide competitions – Identity (finals will be held on May 16-17th in the K(NO)W Identity Conferences in Washington D.C.), Artificial Intelligence, and FinTech for Companies. Over the next few months, BBVA will be running three specific competitions based on the themes of Identity, Artificial Intelligence and FinTech for Companies (F4C). The winners of these three categories will receive €30,000 each, an invitation to take part in a week of immersion in Madrid with senior executives of the bank, and a place at the grand finale of BBVA Open Talent Global Summit. More importantly, it will help startups grow their business by giving them the connections to find new customers and opportunities.
- Regional competitions: over a dozen country-specific opportunities. The regional competition will see high-growth businesses compete against each other for the title of “Best in the country” at events in more than 15 cities in Mexico, Argentina, Peru, Ecuador, Colombia, Uruguay, Chile, Spain and Turkey. The winners from each city will also receive €1,000 in prize money and compete for winner of their country. The winners of each country will then be invited to go on to compete for an overall country prize: with the winner securing €30,000, and a place at the grand final.
- An all-encompassing, catch-all Global Trends competition. The Global Trends competition aims to find the absolute best FinTech idea from anywhere around the globe. Global Trends is a chance for anyone with any FinTech idea, from any country, on any theme, to get involved.
- Two special awards – Women in FinTech & Financial Inclusion Special Award. One of the competitions seeks to identify the best FinTech ideas to come from female digital entrepreneurs, and the second one – for ideas that promote financial inclusion. The winners of each of these groups will also secure a place at the year-end finals. Source: BBVA Open Talent 2017
Requirements for BBVA Open Talent 2017 Participants
With the Open Talent competition, BBVA is looking for the kind of innovative thinking that will help shape, change and grow the digital banking sector in the future, so that banks like BBVA continue to deliver excellent service and products to customers and clients.
- Projects must be operative or at least in beta version;
- Startups no older than January 1, 2013;
- Earned less than €1,5 million in revenue;
- Raised less than €2.5 million in funding.
Apply for BBVA Open Talent Artificial Intelligence – Applications Close May 22
BBVA Open Talent Artificial Intelligence