Spanish banking group BBVA has created a new AI Factory in order to develop its artificial intelligence (AI) capabilities.

The facility is located on the northern fringes of Madrid in close proximity to BBVA’s central base.

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It will be initially housed by nearly 150 employees, comprising data scientists, engineering teams, and representatives from other business units.

It will focus on exploring how AI solutions can be reused and scaled across other business divisions and geographies.

The bank believes that this will lower time-to-market and offer a consistent experience.

BBVA global head of engineering Ricardo Forcano said: “The AI Factory will allow us to have the best tech and data teams working in an integrated manner, with the aim of developing algorithms that can be embedded into the bank processes to enrich our channels, products and services through personalisation, contextualisation and recommendation.

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“And also to streamline and increase the efficiency of our internal processes.”

Recently, BBVA made several efforts to accelerate its digital transformation.

Earlier this month, BBVA collaborated with hybrid cloud data services provider NetApp.

Last month, the bank developed a new tokenisation-driven payment platform.

The bank also rolled out various data-based services including BBVA Valora that is designed to find out the fair rental or purchase price for a property.

Some other data-based services of the bank include financial health assessment feature Bconomy and account smart aggregator One View.