Close panel

Close panel

Close panel

Close panel

Fintech

Fintech

Amid increasing numbers of fintechs joining the financial industry and burgeoning investment in them - Accenture reports $27.4 billion was spent financing fintechs in 2017, an 18 percent increase year-over-year - there has been much hand wringing and discussion about the future of incumbent banks. For BBVA Compass Head of Business Development Pepe Olalla, the future isn’t so murky.

“When people say the next industry to be disrupted will be banking, and that it will suffer what media or the music industries have suffered, I tend to disagree,” he says.

vision-future-technology-innovation-prediction-BBVA

More than six months have passed since the initial deadline for compliance with the EU’s PSD2, designed to increase openness, convenience, and competition in consumer banking. There has been criticism that the foretold open banking revolution has been slow to get off the ground. But is that fair? What has been achieved so far, is open banking on course, and what does the future hold?

Thoughts were shared recently about what potential fintech entrepreneurs should be wary of when first starting out. A particular piece by Forbes outlines key tips from top leaders in the fintech world, including representatives from companies such as Instant Financial, Alpha Vantage and more.

BBVA-automatización-bancaria-robots

New technologies have transformed the financial sector based on integrating systems that learn for themselves while processing millions of pieces of data. BBVA has pioneered the use of automated systems such as bots to enhance customer experience.

Technically, big data is no different than any other data, there’s just more of it. After all, gathering data is nothing new. We all have birth certificates, marriage licenses, insurance cards, and our grandparents had those same things decades ago… even without computers. The difference today is the sheer volume of data and the ways that data can be collected and analyzed.