Elena Alfaro, Global Head of Data and Advanced Analytics at BBVA's Client Solutions, is fervent about her career. Holding a degree in Business Administration and Management, she has maintained a strong connection to technology. Over the past decade, she has been deeply immersed in the world of data. In "Looking for Vocations," a project by the European University and Atresmedia radio designed to guide prospective university students in their career choices, she shares her experience.
"Working in big data means shaping the world's present and future," says Elena Alfaro. This assertion is clear because data enables the creation of systems that assist in future decision-making. Moreover, if a predictive model is well-integrated and suitable, it can even allow systems to operate autonomously.
Craig Mundie, then a Senior Advisor to Microsoft's CEO, declared in 2015 that "data is the new raw material of business," and he was right. The power of data-driven systems is immense. Elena notes that, in the past, systems were taught through rules due to insufficient data. The paradigm shifted when data became the teaching tool. Today, we benefit from an ever-growing abundance of data, allowing us to discern patterns and make predictions with new information.
Working in big data means shaping the world's present and future
Alfaro observes that "we tend to overestimate the impact of technology in the short term and underestimate it in the long term." She emphasizes the value of data in predicting future developments across nearly all fields. While many assume this revolution is confined to the digital realm, it permeates various sectors, including health, research, agriculture, and security. Elena notes the potential of artificial intelligence in cybersecurity, for instance, where white-hat algorithms fight algorithms created by hackers.
"Data and data-driven intelligence are integral to nearly everything we do. They define and shape our world today and will increasingly do so in the future," she says.
Alfaro discusses the professional development within the data field, noting that it now includes formal training and an ever-expanding range of applications. "We will experience many years of high demand for professionals, and not just in the more technical areas," she says.
Banking has been one of the sectors to fully embrace this revolution, though it is not alone. As Alfaro explains, having complete banking services on a mobile app was unthinkable just a few years ago. Now, functionalities that were once unimaginable are at our fingertips. For instance, instead of manually checking every transaction for anomalies, BBVA can automate this process for millions of customers, thanks to data and digital technology. This advancement democratizes financial health in a way human efforts alone could not achieve. Features like scheduled payments, daily expense tracking,, goal setting, and debt management, make managing personal finances more straightforward and efficient.
While automating certain processes is crucial, the role of people also remains vital. Specialists are needed to pose questions and set the goals and limitations for these algorithms. This makes data analysts indispensable, and together with developers of data-driven solutions, they are expected to be highly sought after.