Spanish financial services group Banco Bilbao Vizcaya Argentaria (BBVA) has signed a whole portfolio agreement (WPA) with technology company Cisco to expedite digital transformation and foster innovation.

Through the alliance, Cisco will provide BBVA with faster access to its software and customer experience (CX) portfolio.

The scope of the five-year agreement includes solutions in cybersecurity, collaboration, data centre, networking, and services.

Besides, the agreement, which spans operations across multiple countries, includes proactive services offered by a specialised Cisco team and facilitates collaborative innovation.

The deal will also optimise management by consolidating 3,000 individual contracts into a single unified agreement. As a result, BBVA’s global IT operations will be streamlined, significantly improving efficiency.

BBVA engineering global head José Elechiguerra said: “BBVA’s alliance with Cisco is more than a supplier-customer relationship. After eight years of Strategic Partnership working together, BBVA premises and employees worldwide will have access to not only current but future Cisco technological developments.”

Both parties have been collaborating since 2016 to create the bank of the future by utilising technologies such as networking, data centre and security.

According to Cisco, the agreement will allow BBVA to add continuous innovation into daily operations, improving speed, agility, and offering the latest in digital financial services.

Cisco EMEA president Oliver Tuszik said: “We are proud to support the continued growth of one of the world’s leading financial institutions. For over a decade, BBVA has pioneered the digitisation of banking in Spain and globally by putting customer experience at the centre.

“During the next stage of our strategic partnership, together we will leverage the power of Cisco’s whole portfolio, including the latest AI-driven innovations, to accelerate their transformation.”