May 9, 2017
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.
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.
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.
BBVA Open Talent Artificial Intelligence
Source: BBVA Open Talent 2017
The final event will be hosted during an international event in the ecosystem. Over the three days, the finalists will have the opportunity to meet top BBVA executives as well as other experts from BBVA and the entrepreneurial ecosystem.