Recently, Fabien Girardin, BBVA Data & Analytics’ co-CEO, had a sit down with the online magazine Knowmadas to talk about how we have applied advanced analytics and Big Data in a big banking organization, and, more importantly, how this data-driven approach has been supported by a culture shift that is helping BBVA to focus on innovation, vision and the value of data.
We have summarized in this post the most interesting thoughts shared in the interview. They portrait the philosophy behind BBVA Data & Analytics as a center of excellence in Data Science and the proven methodologies that are creating the culture that fosters a responsible, effective use of the data.
“What is new about Big Data now is the volume and quality of the data that allows us to understand the world in a comprehensive way. And when I say ‘comprehensive’ I mean the customers, the enterprises, and the way our own organization works as a financial institution. This is what gives us the ability to measure and understand processes, try to automate them, and contribute to the decision-making process in a new way”. — Fabien Girardin.
Three key elements of Big Data
Fabien listed which he believes are three key elements that allow BBVA to develop new products and solutions to clients with the use of Big Data:
- Infrastructure, architecture and data management from an engineering point of view.
- Talent, especially in Data Science, that applies scientific methods in the exploratory, utilization and knowledge transmission phases of our work.
- Data Governance to promote responsible data usage, and ethical standards and quality assurance.
How BBVA Data & Analytics devised Commerce360
“There are more applications (of Big Data) that we offer to our clients. For instance, with POS (Point of Sale) contextual information that tells them how their business is performing, not only internally, but in relation to the competitive landscape where they are located. This is totally new information for small enterprises to manage their business”. You can read our article “The Powerful Fusion of Intuition with Data” to understand better the functionality of Commerce360 or visit the tool’s website.
A data-based culture
“The key is to cultivate a culture that is data-based, not just attracting talent. We have to promote a mindset with the rest of the organization through educational training with analysts, by also with other colleagues we work: designers, engineers, product managers, etc. We help them have a clear picture of the capabilities we have at Data & Analytics and ask them to help us find where can we apply these capabilities within the organization and towards the clients”.