At BBVA Data & Analytics, we are strong believers in Amara’s law that says
“We tend to overestimate the effect of a technology in the short run and underestimate the effect in the long run”
One of our main missions is to participate to the transformation of a global bank like BBVA into a data-driven business. This fall, when walking in the streets of Madrid, Barcelona, Bilbao and many other places in Spain, we started to notice that what was once a future vision has become a reality. Like many other major meaningful technological breakthrough, the presence of data-driven services are rapidly becoming so mundane that if you do not stop and reflect for a second you might underestimate their effect. In a recent video interview our chairman and BBVA’s Chief Data Scientist Marco Bressan explains the reality and dismantles the myths of a data-driven bank.
Using the examples of the recently launched BBVA Valora and our own Commerce360, Marco describes how the value of data is now directly transformed into value for customers. Valora, produced by our friends at Madiva gives anybody detailed information to negotiate the purchase of a house and a mortgage. With Commerce360 even the smallest entrepreneur has contextual business intelligence at their fingertips that exceeds their customer base in a way not even large enterprises hoped for a few years ago.
Similarly, within BBVA, our data scientists have been creating new approaches and tools to produce knowledge from financial data that colleagues are now introducing into their own practice. For instance, the capacity to fully decode customer journeys is now in the hands of customer intelligence teams.
Finally, Marco argues for a moral commitment of data-driven businesses to share information, contribute with knowledge to society’s development and give answers to situations of crisis in the World. Our recent collaboration with the United Nation Global Pulse to measure the economic impact of Hurricane Odile in Mexico is a clear example of using data and data science to help authorities improve community resilience, which benefits the vulnerable and is also good for business continuity.
Today, our efforts testify that a data-driven bank is a more efficient and competitive business that brings added value to its clients, customers, employees and society. As described by Marco, this evolution is slowly but surely translating into a more personalized experience that adapts to the needs of clients without invading their private sphere.