Data

Artificial intelligence is increasingly mainstreamed in society and used to make decisions that affect people´s lives in areas such as  their workplace or  the justice system. This presents the challenge of biased algorithms, which are mainly caused by biases or distortions in the training data. Proposals are already in place that caution against bias and seek to mitigate its harmful impact on society.

Opening imagen created with Midjourney (AI)

BBVA’s app is the main channel customers use to contact the bank. Over 75 percent of customers around the world use the app. With this level of outreach, the current challenge for BBVA entails getting customers to use the new features and do more mobile transactions. To achieve this, the bank has developed a strategy to improve the digital intensity of its customers, with which it has increased interactions on the app by 32 percent in just one year, largely driven by the financial health services.

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.

The bank offers its data scientists and engineers an extensive and continuous training ecosystem, both in-house and in partnershipwith top international universities and educational institutions,so that they may apply the latest advances in artificialintelligence, machine learning and advanced analytics in thedevelopment of cutting-edge financial products. In addition, italso offers training to other professional profiles so that they canuse data analytics to solve business challenges in their areas.In just 5 years, the BBVA Campus has trained more than50,000 employees, including 900 data scientists, through theData University.

BBVA uses AWS to deliver advanced analytics and data services in the cloud, taking a decisive step in its data and artificial intelligence (AI) transformation process. As part of its transformation into a data- and AI-driven organization, BBVA will use AWS to harness analytics and machine learning to transform its internal processes, improve risk management, drive growth, and provide innovative solutions for its customers.

The Mercury library stores the code that BBVA's data scientists reuse to develop analytical models embedded in a range of financial products. In line with the open source philosophy, the bank has published Mercury on Github, a code hosting platform for version control and collaboration. This means other programmers will be able to use Mercury code in their work, which will help drive fintech innovation and further evolve the library with contributions from the community.