Within the framework of World Entrepreneurship Day, which will be celebrated tomorrow, April 16, the BBVA Microfinance Foundation (BBVAMF) recalled that technology and, specifically, artificial intelligence are great allies so that entrepreneurs in Spain and Latin America can raise their level of competitiveness in their businesses through the digital economy.
The BBVAMF, which supports more than three million vulnerable microentrepreneurs in five Latin American countries, stated in a statement that, thanks to technology, it is possible to improve access to financial services that overcome traditional barriers in the management of small businesses.
For example, according to data from the Latin American Artificial Intelligence Index (ILIA), it is estimated that in Chile almost half (44%) of the tasks carried out by small and medium-sized companies – which represent 65% of the business fabric in that country – can be carried out with AI, which makes processes more efficient.
In this sense, the director of Innovation and Inclusive Growth of the BBVA Microfinance Foundation, Gabriela Eguidazu, pointed out that technology is especially important in remote and rural areas, where access to digital tools can be more complex.
For example, in Peru the foundation encourages savings among entrepreneurs thanks to a chatbot, and in Colombia a virtual assistant serves microentrepreneurs through WhatsApp 24 hours a day.
“More than 30% of the people we serve live in rural or hard-to-reach areas. Thanks to technology, they can connect and operate safely, thus facilitating the management of their businesses,” said Eguidazu.
He also added that the foundation serves entrepreneurs in remote places such as the Amazon, where low-income people already use systems such as facial biometrics or voice fingerprinting to carry out operations from mobile banking, through local entities in Colombia, Peru, the Dominican Republic, Chile and Panama.
This is the case of María Jorge Álvarez, who has her business in the jungle of the Peruvian Amazon, where this indigenous Asháninka owns a craft stall where she sells items such as jewelry, wood carvings and souvenirs from the area for tourists.
“I am a single mother and with my entrepreneurship I have been able to support my children and pay for their studies,” explained this entrepreneur who, with the support of Financiera Confianza (BBVAMF entity in Peru), can access mobile banking.
As for Spain, figures from the National Institute of Statistics (INE) show that 13.39% of microbusinesses—those with less than 10 employees—have already integrated AI into their structure, which represents a growth of 5.9 percentage points compared to the previous year.
According to a study by the Spanish Entrepreneurship Observatory, half of those surveyed consider it essential to have an e-commerce platform, and nearly 30% estimate that AI is a key element for the development of their company in the next three years.
The boost in the implementation of technology leads the BBVAMF to ensure that new entrepreneurs are increasingly clear about the importance of digital resources for their business strategy.