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Innovation

Innovation

The digital revolution has changed the rules, personal relations, business, communication and the way everyone uses their time. The impact of technology is always associated with achieving greater freedom, but it has also pushed us to levels of distraction and dependence that have changed how engage with the world.

The impact is profound, but hard to measure accurately. Sociologist and economist Manuel Castells believes that people, companies and institutions feel how profound this technological change is, “but when closely examined through rigorous empirical research, the speed and scope of the transformation turns out to not be exact.”

“Data is the fuel of the new economy and big data is its engine”, said BBVA Executive Board Director José Manuel González-Páramo, during a talk at John Hopkins University in Washington, D.C. With these words, he summarized the impact of the Fourth Industrial Revolution, which is also causing a radical transformation of the financial sector. This revolution is causing us to “rethink traditional retail banking.”

BBVA is leading the pack in terms of technology applied to finance – from electronic payments in day-to-day transactions with BBVA Wallet, to big data management. But on the horizon has appeared the (pen)ultimate frontier that banks will need to cross, one that has a sci-fi ring to it: the robotization of banking activities.