The Data-Driven Bank: From Vision to Reality

Beatriz Alonso

d&a blog

Last week took place Brainstorm@BBVA, an internal company event created to provide all employees with a first-hand update on how of the bank’s most strategic projects are progressing and what kind of work is being conducted.

On this occasion, Marco Bressan, Head of Data & Open Innovation at BBVA and President of BBVA Data & Analytics acted as master of ceremony, to explain the benefits and implication of transforming a bank into a data-driven organization.

“Data-driven organizations, make their decisions, design their internal processes and, above all, gauge the experience of its customers based on data. Actually, machines make these decisions and learn to adopt them through data.” — Marco Bressan.

The event started with a brief video from 2014 in which BBVA President Francisco González Rodríguez shares his vision of a data-driven bank:

 

“That vision has become a reality” claimed Marco Bressan. A reality for BBVA but also for many other companies and sectors. Data-driven organizations understand perfectly what the customer expects from them and tailor their experiences to these expectations; it means, they use the data within each product. This companies understand the trade-off between trust and data as a key factor in the relationship with customers. They use the data in all the decisions they make, and most of them are done automatically. Thanks to the data, these companies and their employees learn and adapt quickly.

 

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Our CEO, Elena Alfaro took the stage to give tangible uses of data and analytics. She described our effort to support different business units in the development of new products or services emphasizing that mastering machine Learning technologies became key. Being able to offer a personalized service to each customer is only possible if a machine learns of the behavior of each one.

 

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One result presented was Commerce360, a web platform that turns anonymous and aggregated data from purchases of BBVA credit or debit cards at PoS terminals into business intelligence for retailers in Spain and Mexico.

Alejandro Valladares, head of Business Intelligence at BBVA Spain, commented how the customers needs have changed with the new era and they demand new capabilities:

  • Faster, real-time responses to cover their needs.
  • Flawless customer experience, based on a thorough knowledge of each one of their interactions, of the internal data.
  • New external data, whether public or transferred by the customer, complementing the internal vision.

 

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Finally, Juanjo Divasón, CEO of Madiva Soluciones, a company that joined BBVA two years ago, shared the story behind the development of one of BBVA’s most recent data-based products: BBVA Valora, an app that allows anyone to discover the real market price to buy or rent a house.

These examples confirmed that the vision of the bank that leverages big data and machine learning for improving processes and experience, is now a reality. Marco Bressan concluded the event encouraging BBVA’s employees to continue contributing to that vision.