BBVA is leveraging advanced artificial intelligence (AI) algorithms to revolutionize how its customers manage their finances. The bank uses a range of AI technologies, including neural networks, natural language processing (NLP), and machine learning, to support savings, investments, and expense planning.
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A key component of BBVA's AI strategy is its app and website, where customers increasingly track spending and make informed decisions. In Spain, 60% of digital users engage with these features, and satisfaction rates among them are 30% higher compared to non-digital users. In the first quarter of 2023, Spanish customers interacted with AI features 57 million times—a 62% increase year-over-year. Globally, interactions reached 121 million in August 2023, up 74% from the previous year.
BBVA’s AI-driven tools include sophisticated transaction classification and personalized financial advice. The bank’s app categorizes transactions into spending, income, and savings/investment. This real-time classification helps customers understand how their expenses affect their financial health. For transactions from other banks, BBVA employs a neural network model to infer categories from less detailed data, using NLP to decode transaction descriptions and abbreviations.
BBVA also applies machine learning to enhance financial health proposals and predict future financial trends. By analyzing customer data, the bank segments users to provide tailored financial advice. For instance, it offers budget tools to customers who need help managing their expenses.
Additionally, BBVA’s predictive models estimate future transactions and account balances. These models use ensemble machine learning to forecast upcoming costs and potential financial events. By comparing predictions with actual transactions, BBVA alerts users to discrepancies and provides recommendations for managing unexpected expenses.
Overall, BBVA’s AI initiatives aim to make financial management easier and more secure, offering personalized support to improve customer financial health and satisfaction.
