Innovation, the key to investment banking

A brief analysis of innovation in business ecosystems and its presence in BBVA CIB initiatives, told by our expert Elena Alcántara, Head of BBVA CIB Product Innovation.

Over the past month, there have been over 5,7 m public mentions related to innovation in entrepreneurial ecosystems. In our latest LinkedIn Trending Data newsletter, we have cross-matched this data with the over 63 K mentions linked to #BusinessEcosystems and over 1 M on #BusinessGrowth and #InnovationAndDevelopment to offer you a brief analysis on how innovation has become a process of survival and growth of companies and what is its presence in BBVA CIB initiatives.

Also, as usual, we've invited an industry expert to shed some light on this topic: Elena Alcántara, Head of BBVA CIB Product Innovation, to share her opinion on this issue.

The technical definition of innovation is the creation of new products, services or processes and the improvement of existing products, services and processes, provided that they have a favorable impact on the market and generate value.

In the Spanish business ecosystem, companies must keep in mind key elements to improve their processes, stand out from their competition and comply with their social commitments. According to Funcas, Spain devotes 44% less effort to innovation compared to the rest of the euro area, and investment in worker training is 4.2% lower.

• To keep abreast of the latest technologies, new business models and disruptive trends in different industries.
• The adoption of emerging technologies such as artificial intelligence and machine learning, quantum computing or blockchain.
• Accelerate product development and rapid adaptation to market changes.

In the words of an expert

Our innovative DNA in different initiatives

At BBVA CIB, we are proud to say that we are committed to developing an innovative mindset, which encompasses everything we do. We design opportunities anticipating industry trends and client needs. And we work hand in hand with them in processes for generating ideas that often crystallize in tailor-made solutions, and that we can export to other geographies and clients or in other market contexts.

A recent example is an initiative that promotes the clients' and the bank's commitment to sustainability – "ESG screened investments." It is a proposal for investment in structured products with a screening process based on sustainability criteria, which has been available to our clients since January 2023.

The ESG screened investments initiative contributes to the commitment of both the clients and the bank to sustainability

Additionally, we have reinforced the climate of innovation among all employees with various initiatives:

• The organization of dynamics such as the CIB innovation workshops in Spain and Mexico, where any employee can propose disruptive ideas, work on them with a multidisciplinary team and get the support of the management committee in their development.
• The commitment to training, with an impact on more than 400 employees in 2023, addressing different topics such as disruptive technologies (e.g., AI, quantum computing, digital assets, metaverse), best practices of other leading companies in innovation, or aspects as critical as the interrelation between innovation and sustainability in different sectors.
• The interaction with the ecosystem to anticipate strategic trends is another key factor, and that is why we have attended more than 30 national and international innovation events such as South Summit, European Blockchain Convention, SIBOS and Money2020, as well as networking sessions with innovation directors of leading companies in Spain.
• The creation of an innovation community for all CIB employees, a forum to propose ideas, share opinions and generate debate in which we all acquire new knowledge and experiences.