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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.

Continuing to notch wins for its mobile banking app, BBVA Compass Mobile Banking was recently recognized as one of the top five banks in mobile deposit user experience in the 2018 Mobile Deposit Benchmark Report. The report, conducted by fintech and digital commerce research firm Futurion, was sponsored by Mitek, a global leader in mobile capture and digital identity verification solutions.

With investments on artificial intelligence expected to reach €10 billion by 2020, it is evident that the financial sector is very optimistic about these technologies. However, the level of uncertainty surrounding AI remains almost too high to justify this degree of enthusiasm. In a recently published paper, the World Economic Forum warns about how overhyped misconceptions of what AI really is and what it can deliver may undermine the potential benefits derived from the use of artificial intelligence in finance. In contrast with this vision, other experts concur that AI contributes more to prevent and mitigate risks than to generate them.

In an online world, scammers are using new tricks and forms of deception to get what they want from their victims. Although the tools may have changed, today’s scams are not much different from the old-school “pigeon drop” scam in which a victim is persuaded to give the scammer money with the promise of receiving a much larger sum. In this new scenario, cybersecurity training is essential to protect the private data of both individuals and professionals.

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Boundaries between sectors are quickly disappearing in the fintech world – a trend also apparent in efforts to innovate. With this in mind, the second edition of Open Summit is exploring different ways in which startups and corporations can work together. “At BBVA we want to turn the magic of startups into products that reach our customers,” Derek White, the head of Client Solutions, said at the opening session of the event.

BBVA Research lowered growth expectations for Spain’s GDP to 2.6 percent in 2018 and 2.4 percent in 2019 (representing a drop of 0.3 and  0.1 percentage points, respectively, from the forecast of three months ago). The downward revision is primarily due to a more modest performance in the first half of the year. Lower growth of both exports and private consumption are two important factors contributing to the revised projections. This was the view detailed in the most recent report on the Spanish Economic Outlook, presented today by Jorge Sicilia, chief economist at BBVA Group and director of BBVA Research; Rafael Doménech, head of Macroeconomic analysis at BBVA Research; and Miguel Cardoso, BBVA Research’s chief economist for Spain and Portugal.

For Sandra Mendoza, the Colombian entrepreneur served by the BBVA Microfinance Foundation, there is no question: “Sexism is the biggest barrier to overcome in rural areas.” This is also how she describes what it’s like to be a woman living in the countryside. At an event held in honor of the International Day of Rural Women, both she and Manuela Gómez, a Spanish entrepreneur from the Federation of Rural Women Associations (FADEMUR), spoke of a reality they know firsthand, despite the 5,000 miles that separate them.

Fotografía de Trader, trading, mujer, ordenadores, sala, pantallas, warrants, sonrisa, trabajo

BBVA Trader, a platform developed by BBVA entirely conceived for and devoted to trading, allows users to invest in different instruments, including warrants, one of the most popular. Warrants are publicly traded derivatives that leverage an investment on an underlying asset. BBVA Trader allows applying different investment strategies based on its users’ goals, be it just investing, obtaining liquidity, securing capital or hedging risks.

José Manuel González-Páramo on Saturday took part in the annual meeting of the Institute for International Finance (IIF) in Bali held in parallel with the annual meetings of the IMF and the World Bank. He called for a regulatory framework that treats all market participants equally by establishing a level playing field: “Activities with the same risks should receive the same regulatory treatment” without unnecessary barriers to competition, he said.

BBVA executive chairman Francisco González attended this year’s meeting of the International Monetary Fund (IMF) and World Bank in Bali (Indonesia). He commented that resulting from today’s digital revolution, “ultimately there will be more wealth and prosperity for the whole world, and I hope less inequality; less difference between the have and have-nots.” Francisco González’s remarks come from what will be one of his last international meetings ahead of handing over the baton to Carlos Torres Vila, after December 31.

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After obtaining all required authorizations, BBVA closed the transaction that will transfer its real estate business in Spain to Cerberus Capital Management, L.P. The deal was announced in November 2017. The closing of the transaction results in the sale of 80 percent of Divarian’s share capital to Cerberus, the company created to transfer the real estate portfolio. BBVA is to retain the remaining 20 percent stake.

More than 1,800 BBVA Compass employees — plus another 250 friends and family members — joined their BBVA co-workers across the globe to participate in the bank’s Week of Volunteering September 24-30.  Employees across the footprint participated in 189 individual events, including Habitat for Humanity projects, food bank initiatives, community clean up efforts, and financial education workshops for individuals and small businesses.

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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.

José Manuel González-Páramo called for Europe to move forward now, not “just when there’s a crisis”, and to conclude the banking union, the capital markets union and the fiscal union to have a “much more robust and genuine euro.” Speaking at the Círculo de Economía in Barcelona, he stressed the role that the ECB played in Europe’s recovery. However, the bank must now go back to its original purpose of “contributing to financial stability and separating supervision from monetary policy.”

The Royal Swedish Academy of Science has awarded the Nobel Prize in Economic Sciences 2018 to U.S. Scientists William D. Nordhaus and Paul M. Romer in Economic Sciences. Nordhaus, who earlier this year won the BBVA Foundation Frontiers of Knowledge Award in Climate Change, has developed the first model capable of integrating economic and environmental data to identify the most efficient policies against global warming. Romer has pioneered the use of technology in macroeconomic research.

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Cash or card? The numbers opting for the latter continue to grow, especially among young people – the millennial generation – and in large cities like Madrid and Barcelona. Additionally, with ever-present POS’s and more and more retailers who accept them, card payments are increasingly frequent, even for low value transactions. These are some of the conclusions reached by BBVA Data & Analytics and reported by BBVA Research in a study about spending habits in Spain: The use of cash is on the decline and digital payments are increasingly popular.