BBVA is revamping its Open Talent competition for startups to align more closely with the evolving fintech landscape.
In this year’s iteration, the Spanish banking giant will introduce specific challenges derived from the needs of its core business units, focusing on areas such as regulatory technology and personal finance management. These curated challenges are designed to foster collaboration with fintech companies in addressing real-world issues.
Winning participants from each country will have the opportunity to engage in a proof-of-concept program with BBVA, enhancing the likelihood of developing viable products and services that benefit both the bank and the startups involved.
This shift reflects a broader evolution within BBVA’s Open Innovation unit, which has spent the last decade nurturing a network of fintech partnerships. Over time, perspectives on these collaborations have evolved. Initially viewed as potential threats, fintechs are now recognized as valuable partners, supported through various accelerator and incubator programs.
Ainhoa Campo Nieto, head of the Open Innovation unit, elaborated on this transformation: “In the past year and a half, we have focused on strengthening our relationship with the bank. While our efforts aimed to connect with the fintech ecosystem over the last decade, we realized we needed to be more closely aligned with the specific needs of the bank itself.”
Now, the Open Innovation unit operates with a client-centric approach, prioritizing the resolution of specific challenges faced by BBVA rather than simply seeking out interesting fintech solutions. This strategic shift makes the Open Talent competition more specialized, reflecting the priorities of the bank’s various units.
Additionally, the BBVA Open Marketplace is being optimized to serve as a centralized hub for fintech firms seeking to collaborate with the bank. Business units will be able to outline their “needs,” while fintech companies can showcase their solutions in response.
A stronger emphasis will also be placed on sustainability, with Campo indicating a growing interest in fintech tools that promote environmental responsibility. This includes technologies aimed at helping individuals and businesses become more eco-friendly, linking financial outcomes to climate action, and offering solutions that support sustainability within communities.