BBVA has launched a new program designed to foster success among the FinTech ecosystem it engages with.

Called the BBVA Open Innovation Acceleration Program, the project is aimed at giving businesses a targeted helping hand on the road to success. Over the course of nine-months, those selected will receive guidance and support from senior leaders at the bank on a range of topics.

These include several sessions on areas like technological implementation, sales techniques and marketing. The sessions take place at the BBVA Open Space in Madrid, roughly once a month, as well as online involvement designed by Adventurees and regular meet-ups with a mentor from within the business.

For the online element with Adventurees, the entrepreneurs will be challenged around areas pertinent to their business strategy, which they will then have to share with the course leaders and other participants, then giving feedback on what bits work and where things could be perhaps improved.

The program, which is free for those taking part, is aimed at startups that have an early stage or seed profile, and are developing financial or FinTech-related products or services. Those looking to take part are expected to be mature enough to have at least one minimal viable product in a go-to-market readiness stage, but which are now looking for help with speeding up their project’s success.

BBVA’s head of open innovation Ainhoa Campo, said: “We have taken our time bringing this program to market, because we wanted to test it first with those we work with in the FinTech ecosystem to make sure it fits their needs.

“Long term, we know we can’t and shouldn't always try to build everything our customers and clients need – data, sustainability and the closed to open shift is driving the evolution of this industry so quickly, that the model around cooperation has to change,” she continued.

“With this program, we are hoping to help positively drive this change, to work with the wider FinTech ecosystem to support their growth, and in doing so, ensure the future products and services this sector needs will end up in the customer’s hands.”

BBVA has also set up a new centre to explore the ways artificial intelligence (AI) can support its data-driven services.

Bringing together 150 employees, including data scientists and engineering staff, the AI Factory in Madrid will focus on ensuring its AI solutions can be reused and scaled across other business units and countries.

The aim is to reduce time-to-market for new solutions and build on the success of its mobile app.

Ricardo Martín Manjón, global head of data at BBVA, said: “The smart and responsible use of data is one of the key levers of BBVA’s transformation; one on which we have been working for years. In this line, the purpose of the AI Factory is to contribute to driving this transformation, focusing on those areas where AI can have a more differential and larger-scale impact.”

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