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Sydney, Australia – In a landmark recognition of its pioneering efforts, BBVA has been awarded the prestigious title of “Best Bank in Spain for AI in Finance” by Global Finance magazine. This honour, bestowed as part of the inaugural Global Finance AI in Finance Awards, underscores BBVA’s commitment to leveraging artificial intelligence to reshape the financial landscape.

The Global Finance AI in Finance Awards were established to spotlight financial institutions leading the charge in integrating AI and machine learning into their operations. The selection process involved a rigorous evaluation of banks across various regions, considering factors such as the scope and sophistication of their AI strategies, the impact on customer experience, and the overall contribution to the advancement of financial technology.

BBVA’s victory highlights its proactive and comprehensive approach to AI adoption. The bank has been steadily investing in AI capabilities across multiple areas, including:

• Customer Service: Employing AI-powered chatbots and virtual assistants to provide instant and personalised support, enhancing customer satisfaction and reducing wait times.
• Risk Management: Utilizing machine learning algorithms to detect and prevent fraud, assess credit risk more accurately, and ensure regulatory compliance.
• Data Analytics: Leveraging AI to extract valuable insights from vast datasets, enabling better decision-making, targeted marketing, and the development of innovative financial products.
• Operational Efficiency: Automating repetitive tasks and streamlining processes to improve operational efficiency and reduce costs.

“BBVA’s recognition as the best bank in Spain for AI in finance is a testament to our dedication to innovation and our belief in the transformative power of AI,” said a spokesperson for BBVA. “We are committed to continuing our investment in AI and machine learning to deliver exceptional value to our customers, employees, and shareholders.”

The awards come at a time when the financial services industry is undergoing a rapid digital transformation, with AI playing an increasingly crucial role. Banks that embrace AI are better positioned to compete, meet evolving customer expectations, and navigate the complexities of the modern financial world. BBVA's success serves as a compelling example for other financial institutions seeking to harness the power of AI.

Global Finance magazine is a leading publication covering global financial markets, corporate finance, and banking. Its awards are highly respected within the industry and reflect a deep understanding of the challenges and opportunities facing financial institutions worldwide.

This award solidifies BBVA's position as a leader in the Spanish financial sector and a frontrunner in the global adoption of AI within banking. It's a significant win for the bank and a clear signal of the growing importance of AI in shaping the future of finance.