Data is a strategic lever for BBVA, which has been working for years to make it accessible across the entire organization so that it supports every business decision. In this endeavor, Domo has become an essential tool, as Elena Alfaro, Global Head of Data and Advanced Analytics in Client Solutions at BBVA, explains in this new success story, which showcases the value of this platform in monitoring progress toward strategic objectives, spotting trends and enabling the bank to swiftly tailor products and services to customer needs.
BBVA has continued to rely heavily on data in measuring the progress made towards the digital transformation process that got underway in 2008. “It is a long and complex journey, in which we need to understand at all times what we are doing right and wrong, and where we need to act,” remarks Elena Alfaro. “When used well, data can tell stories beyond the numbers. Stories that tell us how our growth is evolving, what changes we can make in real time to meet our objectives and how we can improve the digital functionalities we offer to our customers.”
Managing the data that a multinational generates every day is no easy task, not only because of the sheer volume but also because it comes from multiple sources within the organization. BBVA has managed to integrate and standardize its data and ensure that information is shared internally in a secure and traceable manner.
“The Domo platform lets us democratize access to these large volumes of information, share them with all of the bank’s business areas without the need for complicated IT deployments and in a fully secure, visual narrative format, making it easy for users to view trends and make decisions in a fast and scalable way,” explains Alfaro.
Being able to work with the data in these highly visual formats helps the business teams detect trends in the achievement of Group-wide and department-specific targets.
When processed and automated in this way, the data can help us measure parameters that could not reliably be analyzed manually. “For example, they allow the businesses in each geography to obtain a full X-ray of how their customers interact with the BBVA app and the degree of intensity of these interactions,” explains Gema Sánchez, from the bank’s Client Solutions Digital Analytics team. “Thus, teams can identify which digital experiences are working best and where changes are needed to further enhance the customer experience”.
Proper data management is also essential in calculating and visualizing the Net Promoter Score (NPS), which gauges levels of satisfaction among BBVA customers. Integrating the information from the thousands of customer surveys the bank conducts monthly and automating the calculation of the index not only saves time, but also minimizes the risks associated with manually handling such huge volumes of information. Moreover, by making the data visual the bank can immediately spot the main findings, based on customer feedback, to help it make strategic decisions.
All of this goes to show how optimizing data use can help BBVA achieve one of its key priorities: placing the customer at the heart of its strategy and business.