BBVA Company Overview
Zacks Rank #1 (Strong Buy) stock Banco Bilbao Vizcaya Argentaria (BBVA), commonly known as BBVA, is a global banking and financial services juggernaut. Founded in 1857 and headquartered in Spain, the company enjoys a large footprint in Spain, Turkey, and throughout Latin America, notably in Mexico and Argentina. BBVA is a full-service bank that offers a broad variety of financial products and services to customers of all sizes, including individuals, small and medium-sized enterprises (SMEs), and large corporations. These services include retail banking (such as checking and savings accounts, loans, mortgages, and credit cards), private banking (investment and advisory services), corporate and investment banking (business lending, treasury management, and specialized financial solutions), asset management, and insurance.
BBVA Embraces the AI Revolution
Although BBVA has been in business for over a century, the company is not afraid to embrace new technology and innovate. Below are three ways BBVA is leveraging the latest AI technology to spur growth and efficiency:
· Empowering Employees: BBVA utilizes Alphabet’s (GOOGL) Gemini and Microsoft’s (MSFT) ChatGPT to create task-specific bots, saving time and enhancing employee efficiency.
· Financial Coaching: BBVA has integrated AI into its mobile app as an AI financial coach. The AI-powered app allows customers to set financial goals and generate a uniquely tailored plan. Users of these AI-driven tools have enjoyed significant growth in their savings accounts (up 11% in Spain & 20% in Mexico).
· Legal & Marketing: BBVA has deployed AI to take over repetitive tasks in its legal and marketing departments.
BBVA is Growing Rapidly
BBVA has some of the fastest earnings growth among banks worldwide. The company has grown its quarterly EPS at a double-digit pace for more than eight consecutive quarters.
Image Source: Zacks Investment Research
BBVA: A High Probability Technical Set Up
BBVA shares are trouncing the market, gaining more than 60% year-to-date. That said, they are not extended. The stock is forming a weekly bull flag pattern and is retreating to the 10-week moving average for the first time since breaking out – a high probability technical zone.
Image Source: Zacks Investment Research
Bottom Line
BBVA is a force in the global banking industry. Through its expansive financial services business and strategic integration of AI tools, the company is poised to continue gaining market share.
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This article originally published on Zacks Investment Research (zacks.com).
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
