- Banco Bilbao Vizcaya Argentaria (BBVA) recently bagged two “Innovators Awards” from Global Finance.
- The awards were given due to the bank’s major contribution to the cryptocurrency market and revolutionary tool powered by artificial intelligence (AI) with machine learning for debt management.
Banco Bilbao Vizcaya Argentaria may be one of the oldest banks in Spain and in the world, but it has shown great resilience over the test of time, especially in the digitized world where we’re in right now. Recently, the financial institution was a recipient of not one but two of Global Finance’s prestigious “Innovators Awards.”
According to BBVA, one of the recognitions resulted from their outstanding crypto asset management services in Switzerland. The other was due to their innovative artificial intelligence-guided machine learning model for debt mitigation and management.
Contribution of BBVA to the Crypto Market
The company takes pride in being the first among the Eurozone banks to offer trading and custody services for Bitcoin (BTC) and Ether (ETH). It effectively bridges the best of both worlds in traditional and emerging finance by allowing private banking clients direct access to a secure and regulated platform within a well-established bank to trade two of the world’s largest crypto assets by market cap.
“This strategy, which aims to make BBVA a key player in the institutional blockchain ecosystem while ensuring absolute security for customers, has now been recognized by Global Finance as the best digital asset service at the latest edition of its Innovators Awards,” said BBVA’s press release.
BBVA partnered with Ripple’s subsidiary, Metaco, last year for the integration of the crypto firm’s Harmonize platform. The institutional-grade system was merged with the Avalaloq Crypto Assets and Core Banking systems to enhance the bank’s digital asset and private key custody services for clients.
BBVA’s Leap in AI
The other award from the popular financial magazine served as a distinction for the BBVA AI Factory. The revolutionary platform is powered by AI with machine learning capabilities for debt management.
What’s so impressive about it is its early detection feature that aids clients who are in danger of stumbling into the pitfalls of their debts. Likewise, it arrives at quick and tailored solutions for clients who have already bitten more than they can chew with their loans.
The BBVA AI Factory employs over five machine learning models fused within a “pipeline or structured sequence of steps.” It results in the automation of the whole process of data gathering, risk analysis, and generating a personalized approach for each case analyzed.
“Innovation continues to help banks and other financial institutions gain a strategic competitive advantage over their peers,” remarked Global Finance Founder and Editorial Director Joseph Giarraputo. “By harnessing new technologies and imaginative thinking, this year’s winners have developed groundbreaking solutions to both ease customer pain points and deliver outstanding user experiences.”