News - 05/06/2017

Creating Value from Geolocated Financial Data

Recently, took place Carto Locations 2017, an immersive 2-day summit on the latest industry developments, innovation and insights in the world of location intelligence. Along with other leading business professionals and industry experts Elena Alfaro gave an overview of our activities in the fields of analytics, data visualization, geospatial analysis, and data science participated. She particularly explained how we are creating value from large amounts of geolocated financial data.

The bank card records we analyze give the precise time and place of transactions. Another dimension is the demographic details and the profile of customers. Practically, we have the capacity to understand customer behaviors and even predict some of them. Additionally, we are able to collect the relations of retailers or people around each customer, like a social network.

The analysis of these different dimensions of the same datasets offers opportunities to support BBVA customers in better knowing their financial life and compare it with others with similar behaviors and in a similar geographical context. That is why we created Commerce360, a contextual Business Intelligence tool for retailers of any size that tries to help them make actionable decisions (see Introducing Commerce360).

Another domain of activity is Urban Analytics where our analytics supports Urban managers, tourism operators, etc. to make informed decisions. For instance, we have been working in Madrid, with the Barcelona City Authorities, and other cities in Spain, and also with the Ministry of Tourism in Mexico (Sectur).

You can get an overview of the datasets we work with through this interactive tool that lets you explore the behaviour of tourists in Spain during the summer months. In the same line of efforts, we regularly contribute to sustainable development initiatives as part of our Data for Social Good agenda. For instance, in our economic impact study of Hurricane Odile, we discovered that aggregated financial data can yield insights into how crisis affect vulnerable populations (See Measuring People’s Economic Resilience to Natural Disasters).

Finally, we opened the access of our financial data towards companies, small businesses and developers. Anyone interested in building value-added services based on financial APIs through BBVA API Market.

For instance, BBVA PayStats offers anonymized and aggregated statistical data from millions of transactions performed with BBVA cards, creating a virtual map comprised of consumers’ habits, demographics and origins, updated on a weekly basis.

You can see here her complete talk at Carto Locations event.

Thanks a lot to our friends at CARTO for their invitation.