In a world flush with acronyms – hello, banking! – “API” might seem like the latest notable term. But the truth is, APIs, or Application Programming Interfaces, have been on the scene for many years, and was made popular in the year 2000 when SalesForce officially launched its web-based sales force automation.

BBVA customers can now use an app that predicts their future income and expenses (Bconomy). Now, BBVA has developed —together with Google Cloud— an artificial intelligence model that would allow them to improve the accuracy of predictions. This model is explained in a white paper that also offers users recommendations on ways to protect the privacy of their data.

How will banks be impacted by big tech (Google, Amazon, Facebook, etc.) entering the financial services industry? Can regulation promote a level playing field? These are some of the questions raised at the “Big Tech Banking” event organized by CUNEF (University of Financial Studies) and the Spanish Banking Association (AEB). BBVA joined financial experts and regulators participating in the event, where a common thought prevailed: data will play a key role in the battle between banks and Big Tech.

BBVA Compass Head of New Business Development Pepe Olalla says in 2019 early stage technologies will mature – for example more use cases for blockchain – but it’s AI-related technology that will take center stage.

Flora Egea is BBVA’s Data Protection Officer (DPO). She has a critical assignment in her hands: to ensure that BBVA complies with Europe’s GDPR (General Data Protection Regulation), which has revolutionized the way companies handle personal data. On the six month anniversary of its implementation, she believes the legislation has raised awareness among the general public about the need to protect their personal data, but there is still work to be done. In her opinion, GDPR is a positive step and positions Europe as a world leader given its unique treatment of data as a fundamental right.

Companies like Google, Apple, Facebook, Amazon, Spotify and Netflix use algorithms to try to offer their users personalized recommendations. Two Spanish researchers found that even in these personalized suggestions, the views of the majority carry a heavy weight.

The arrival of new blockchain platforms, advances in cloud computing and the consolidation of new machine-human interactions, are among the hottest trends according BBVA Next Technologies ‘Tech Radar 2018‘, a report that shines the spotlight on some the most relevant tools and practices in 2018, as well as those that will mark the next years in fields such as big data and artificial intelligence.

Devices with combined cloud technology and neural networks integrated into their hardware – to reduce potential stability, privacy, and latency issues – are now a reality.

The issue is no longer about using data, but doing it in a responsible manner that also has a positive impact on users’ lives.  This was one of the most relevant topics discussed during the second day of BBVA Open Summit, where Derek White, Global Head of Client Solutions at BBVA, stressed that user confidence is the key to success in this new digital playing field.

The CEO and future chairman of BBVA, Carlos Torres Vila, stressed this morning that “privacy should never be the price to pay for a service.” At the IX Financial Meeting organized by KPMG and Spain’s daily business journal Expansión he explained that new European regulations for the protection and use of data (GDPR and PSD2) are a step in the right direction, although he called for a level playing field between banks and other sectors.

Mobility, health, commerce…everything is connected in cities. Thanks to digitalization and big data, now it is possible to combine all of these aspects, opening the door for better urban planning.

Twenty-six young people have joined the ‘Young Professionals Data’ in Spain and Argentina program, a BBVA initiative to recruit and develop the best talent in advanced analytics. The selection process to take on another 21 young people in Mexico has started and in the following months Colombia, Peru the U.S. and Turkey will join the project.

The negotiations between Mexico, the U.S., and Canada have been a recurring topic in the news recently. BBVA Research has used big data techniques to monitor the media coverage and tone used by the national media outlets in each North American country as the slow-going renegotiation of this agreement has been reported.

Like other customer-centric companies, BBVA Compass uses large amounts of data — “big data” — to drive its customer understanding and its customer experiences.  And while the bank’s shift to its new big data platform will make data collection easier, the process still requires data analysts who can make sense of all that information.

BBVA often talks about how it is transitioning from a bank into a truly digital company. While it is an easy thing to say, the ways in which you demonstrate this are incredibly complex. Take data, for example.

BBVA Compass recently announced the integration of BBVA Compass Financial Tools into its latest Mobile Banking App release. The tools are made available in coordination with MX, the leader in actionable financial data, based in Lehi, Utah.

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.

The Boston Consulting Group (BCG) recently released research aimed at demonstrating the importance of digital transformation in corporate banking. In the research, BCG underscored the notion that for lasting and meaningful digital transformation, banks need to develop a clear vision for the future of banking, formulate a comprehensive strategy of how they will evolve alongside it, and plan their initiatives accordingly.

In a context marked by a loss of confidence in digital companies such as Facebook because of their handling of data who can users trust their information with? A report by the Institute of International Finance (IIF) studies the role of banks in this new scenario and goes over their strategies, their strengths and their commitment to protecting the data of their customers.

Three and a half years ago when BBVA acquired Madiva, a small company dedicated to big data, no one could have imagined the impact it would have on the group. In that time, the 16-employee strong startup has shown how the use of non-financial data can translate into new business, sales, and customers.

From industry conferences to the headlines of the trades and in boardrooms around the world, the term “Artificial Intelligence” – or AI – is all the rage in financial services.

Big data and artificial intelligence (AI) are among the most discussed subjects of our age.  Terms such as machine learning and deep learning are gradually becoming part of our daily lives. Increasingly, a wide array of economic sectors, including banking, is taking advantage of the potential offered by these exponential technologies to improve customer experience  and offer a more relevant catalogue of products and services.

Spain is the team that controls midfield, Russia attacks the most, while Brazil surprisingly is the most defensive. According to big data, such are the styles of play of the soccer teams currently facing off in the hopes of winning the tournament.

A fundamental characteristic of today’s market is the extreme competitiveness with which commercial operations are developed.   Business intelligence is key to getting ahead, but until recently in-depth BI development was difficult for small- and medium-sized businesses to adopt. Today, this has changed thanks to data and APIs like PayStats, which can be found in BBVA’s API_Market.

Every time Mario Draghi speaks at the news conference after the European Central Bank’s (ECB) monthly monetary policy meeting, the markets hold their breath. And after he finishes, they react. In the wake of the 2008 crisis, the expectations created by the bank’s message have taken on added relevance. BBVA Research is aware of the importance of being able to gauge if the ECB’s message adequately reflects its policy and has used big data techniques to this end.

Can Big Tech take the place of banks in the financial services sector? According to Francisco González in his op-ed article in today’s edition of Financial Times, while the Big Tech’s threat is widely known, digitization opportunities for some banking institutions are less evident. BBVA Group Executive Chairman is confident that “we have what it takes to redesign banking and to bring about the next stage of this industry’s evolution.”

One of the recurring themes at this year’s Money 20/20 Europe conference was undoubtedly the power good data has to help businesses evolve.

Data is often cited as being the new oil when it comes to the question of what is the world’s most valuable resource.

In light of the digital revolution and the arrival of fintechs, financial entities need new employee profiles with mathematics and engineering. These professionals are in short supply, and so the commitment to training, both internally and in collaboration with universities, is increasingly important.

BBVA has unveiled Valora View, the first app in the European Banking sector using augmented reality to help prospective buyers or renters find a home. With this new free service, available for both customers and non-customers of the bank, BBVA launches a tool that, harnessing the power of big data, is capable of providing users with recommended purchase or rent prices for a specific property. And not only that: The application can also provide advice on whether it makes more sense to buy or rent, and even run mortgage simulations.

Along with the promise it bears, artificial intelligence also brings with it a number of risks that need to be kept in mind and addressed. What measures are data scientists taking to avoid information fed to machines from being incomplete or biased?

Big data and data science have become disciplines increasingly in demand in the labor market, serving as tools of great value in training the youngest professionals. With the technological future for the region looking promising, students in Latin America are increasingly engaged in training in these areas and finding out how to apply them to real life.

The streets of New York’s Chinatown, Granada’s Sacromonte neighborhood, or Southall (London’s Little India) are examples of how people tend to live near others from the same place or social status. But businesses, restaurants, and bars are just as important meeting places as where we live. Esteban Moro, Professor at Universidad Carlos III and MIT (Massachusetts Institute of Technology), uses big data tools to analyze how people interact in these places.

Recently Facebook’s founder, Mark Zuckerberg, stated that he was going to subject his company to the standards of the new European data protection regulation that will be in force from May 25th, the GDPR (General Data Protection Regulation) But, what impact will this legislation have on a technology company like Facebook? And on others?

The General Data Protection Regulation is a new EU-wide law that will strengthen the data and privacy rights of EU citizens once it becomes effective on May 25, 2018.  As a novelty, the GDPR introduces the right to portability of personal data, which will allow a customer to share the personal data which he/she has provided to a company with other companies with which he/she engages.

BeCoN is an acronym coined by PwC researchers to refer collectively to the three new forms of capital – behavior capital, cognitive capital and network capital – that they say in a report entitled ‘The Bionic Company’ are becoming increasingly crucial in the current economy.

We need to talk about artificial intelligence (AI), and not because of the hype surrounding it, but because it is all around us. Without noticing, in one way or another, AI has become a part of our daily lives, and this may be just a hint of what’s to come in the future. Alan Turing pointed out that that at one point, machines will be able to simulate human thought and that’s where we should start.

What happens when an artificial intelligence system recommends a movie or a restaurant? Or a financial product?  To what extent can an algorithm get to know people? These and many more questions were raised during the presentation of the BBVA’s Data and Analytics project ‘RecSys, a recommendation in the era of machine learning’, which brought together experts from diverse fields (cinema, design, law and gastronomy) to discuss how society is changing with the arrival of these technologies.

What happens when you choose a restaurant on the Internet? Or when you want to buy a book? Or find a song? Or get hooked on a new series?  BBVA Data & Analytics in a new item for dissemination explains how the different recommendation systems used by Amazon, Netflix, and Spotify work and how they will extend beyond the consumer and entertainment sectors.

BBVA Open Talent, the world’s biggest fintech competition, will this year mark its tenth anniversary by working with more start-ups than ever before.

Find out more and register for Open Talent 2018 here.

Ethereum is a platform developed in open-source code that uses blockchain technology and has the capacity to create and execute so-called ‘smart contracts,’ which allow making secure and efficient transactions without intermediation.

The “proptech” companies and the most innovative financial institutions are already offering services that improve the customer experience in the real estate sector.

Switzerland leads the world ranking of the most innovative countries, according to the Global Innovation Index, published annually by Cornell University and the World Intellectual Property Organization (WIPO).

The head of the BBVA Data & Analytics’ Edge team, José Antonio Rodríguez-Serrano, who coordinates the innovation area in BBVA’s center of excellence in data science, shares his insights into five key questions to understand the implications of this exponential technology in different economical sectors and spheres of society.

With the recent evolution in the realm of HR technology, there has been a rise in the number of organizations leveraging data and using it to obtain insights that drive their decision-making process. This data-driven perspective leads to a remarkable shift in the role of HR, advancing its function from reactive to proactive; from tactical to strategic. In a recent HR Tech Outlook feature, BBVA Compass Director of People Analytics Morgan Turnipseed shared knowledge on how workforce analytics is becoming an integral business component at the bank.

As we have seen in previous articles, the intelligent use of data, with the right talent and the pertinent business strategies for applying creative solutions, can provide insights that help solve a whole gamut of problems and take on board new opportunities. Data places within our grasp an enhanced decision-making ability and a deeper understanding of our clients and what they need. But as in the case of any other tool, these new skills can be put to positive or not so positive use, whether intentionally or not.

BBVA’s core focus on delivering innovative, customer and client focused products and services continued to accelerate during 2017.

PSD2 and GDPR are no longer strange-sounding terms. After digital regulation caught the attention of supervisors and financial regulators in Europe during 2017, it doesn’t look like 2018 will be any different, according to the Financial Regulation Outlook report from BBVA Research.

As BBVA Research points out, the digitization of finances offers opportunities and challenges not only to financial service providers and customers, but also to regulators and supervisors. Therefore, the “regulation and supervision frameworks need to evolve and adapt” to the new environment.