BBVA Launches GPT Store for Employee AI Tools

Hey Digital Banking Fanatic! The Spanish banking giant BBVA has distributed 3,000 ChatGPT Enterprise licenses to its employees, with an impressive 83 percent adoption rate in their daily work routines. To maximize this AI integration, BBVA has launched an internal GPT Store to host nearly 3,000 employee-created customized AI tools.

Ricardo Martín Manjón, Global Head of Data at BBVA, emphasizes the organic nature of this transformation: "We spread these capabilities across the whole bank because if we wanted it to be the spark for bigger transformation, we needed to let everyone touch the technology. And people see its value. It's not a transformation that we need to push. Everyone wants to be part of it."

Among the notable implementations is the BBVA Retail Banking Legal Assistant GPT, trained by nine attorneys to handle over 40,000 annual legal queries from clients with responses in under 24 hours. Other innovations include a Credit Analysis Pro GPT for risk assessment and a Client Experience Assistant GPT in Mexico for analyzing customer satisfaction surveys.

What do you think - will we see more banks creating their own AI app stores in 2025? Share your thoughts in the comments!

Stay tuned for the latest updates. In the ever-evolving world of Digital Banking, being informed is your best asset ??

Cheers,

Marcel

INSIGHTS

?Nubank ?? Revolut

A comparison on Key Stats??

DIGITAL BANKING NEWS

???? BBVA creates GPT Store to house employee-generated AI tools. Just five months after issuing 3,000 ChatGPT Enterprise licenses, 83% of BBVA employees have integrated it, creating nearly 3,000 task-specific adaptations, from financial analysis to resolving client legal questions in under 24 hours.

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???? Hong Kong’s ZA Bank is the first bank in Asia to launch retail crypto services. Rather than building an exchange from scratch, like most banks, it is launching in partnership with an existing cryptocurrency exchange, HashKey Exchange. The offering has been integrated with the main bank app.?

???? Qatar Development Bank invests in Wahed to boost Shariah-Compliant FinTech. The move underscores QDB’s commitment to fostering innovation and advancing Islamic finance. The strategic partnership between QDB and Wahed is expected to further advance Qatar’s role as a hub for innovation in Islamic finance.

???? 10x Banking integrates Alloy’s identity and fraud prevention tools. This integration combines 10x's meta-core platform with Alloy's identity risk management solutions. The partnership with 10x Banking underscores Alloy’s commitment to helping financial institutions in the UK and beyond fight fraud.

???? UniCredit makes surprise $10.5 Billion bid for Italian rival. UniCredit made a $10 billion-plus move on smaller Italian peer Banco BPM, shifting its focus away from an attempted takeover of Germany’s Commerzbank as it seeks to grow through dealmaking.

???? TD Bank prepares to hire compliance monitors as US CEO reassures staff. The bank is preparing to install U.S. government-ordered monitors and has moved to reassure employees that it had enough resources to comply with laws prohibiting money laundering, according to two sources familiar with the situation.

???? Solaris says “close to finalising agreement” amid reports of urgent €100M funding round. German publication Finance Forward reports that Solaris expects to secure €100–150M in funding soon but is also exploring a possible sale of the company if the round falls through. Explore more

???? The FCA fines Barclays ￡40 million for its failure to disclose certain arrangements with Qatari entities in 2008. The action was based on findings which included that Barclays' conduct in its October 2008 capital raising was reckless and lacked integrity. Click here to learn more?

GOLDEN NUGGET

EMI License ?? Banking License

The differences explained:

The dramatic surge in e-money transactions, reaching 7.5 billion in Europe in 2021, underscores a pivotal shift towards digital finance, significantly spurred by the pandemic.

Electronic Money Institutions (EMIs), entities authorized to issue and manage electronic money, operate in a sphere that while similar, is distinct from traditional banks.

E-Money & EMIs Explained:

E-money, essentially digitized cash, is appreciated for its multipurpose convenience, enabling transactions via digital records, prepaid cards, and e-wallets.

EMIs, regulated entities licensed to manage e-money, engage in various financial activities such as:

?? Issuance, distribution, and redemption of e-money

?? Provision of services that enable transactions with e-money, such as withdrawing cash from a payment account, transferring funds to third parties, and remittance delivery

?? Issuance of payment cards that allow withdrawing and depositing cash.

?? Providing information about accounts

Key products offered by EMIs include:

?? Virtual IBAN accounts (personal and business)

?? Merchant accounts

?? Physical or virtual payment cards (debit, prepaid, corporate, travel, gift)

?? E-wallets

?? Cryptocurrency services

?? Money transfers and foreign currency exchange services

?? BIN sponsorship

There are currently 550+ authorised EMIs in Europe.

Contrastingly, traditional banks, facilitated by banking licenses, offer a broader array of services:

?? Manage client deposits

?? Offer payment cards

?? Offer credit, for example overdrafts, loans, and mortgages

?? Deliver payment-related servicing, such as bill payments and money transfers

?? Issue other financial products, for example insurance

Stringent regulations, comprehensive compliance, and risk management characterize their operational framework.

Key Differences between EMIs and Banks:

EMIs, often erroneously synonymous with banks, differ primarily in lending capabilities - a service banks provide but EMIs are prohibited from offering.

EMIs can potentially offer operational and technological efficiencies, swifter services, enhanced safety due to non-lending practices, and face fewer regulatory hurdles.

The differences in regulation between banks and EMIs are often due to the fact that banks operate and handle money on a much larger scale than EMIs do.

In Europe, banks typically need a large capital base of at least €5 million, whereas EMIs are smaller businesses and can operate with as little as €350,000.

I highly recommend the complete deep dive article by TransactPay for more interesting info on this topic.

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