At the 25th Anniversary of the Inverco Catalunya, BBVA’s Executive Director José Manuel González-Páramo stated that low interest rates are “here to stay” and that traditional banking models are inadequate to this new trend. To respond to this problem the bank now turns to the community of European disruptors to answer this question: In a challenging environment of low interest rates, what business models for financial institutions could make sense for both banks and customers?
The bank will reward who ever comes up with the most brilliant solution with a generous prize of €10.000 as well as the opportunity to work with BBVA’s senior executives on developing their idea. Applications are now open until March 31st and ideas can be submitted either through a video or a written presentation. Ten finalists will be selected to pitch their idea to the committee at the headquarters in Madrid and the winner will be announced on June 7th.
This competition ties in with the bank’s other initiatives dedicated to fostering and leveraging banking innovation, such as the Open Talent competition which will be in its 9th edition this year. This further proves that BBVA is one of the most, if not the most supportive incumbent when it comes to financial technology, a winning strategy that has benefited them as much as the start-up community.