The Open Innovation project aims to connect and collaborate with fintechs for the purpose of accelerating the rhythm of innovation and digital transformation of financial services. The Open Innovation project is built upon 4 main pillars:
Ecosystem Building: All activities that build the fintech and tech ecosystem all over the world, including:
BBVA Open Talent: What began as a local Social Responsibility program is now the biggest and longest running fintech competition in the world and the main source of outside-in innovation for BBVA, with 900 startups from 81 countries in 2018.
BBVA Open Summit: Achieved first time involvement of C-level executives in major fintech and innovation events which resulted in the creation of a BBVA led Open Summit with an associated 1M€ budget.
Partnerships: Responsible for creating and maintaining partnerships with venture capital, ecosystem builders, government officials, key academia and institutions.
Internal Scouting: The differentiating factor of the strategy is to structure and create continuous relation with all business units to understand priorities and needs, thus guaranteeing the relevance of external scouting. This follow up is at all levels (leadership, middle management and action teams).
One Team and breaking silos: Leveraging on deep understanding of the corporation and banking business, lead the efforts of internal collaboration of previously siloed teams such as: communications, marketing, design, user experience, research, event management, and talent & culture.
Matchmaking and Follow Up: Activities related to connecting the right startup to the best team within BBVA and seeking business opportunities. Open Innovation assembles a fast track process involving budget, and all teams that have a say in pilot scale up and implementation (compliance, legal, security, procurement, financial, etc.). Key values: transparency, reciprocity and trust.