The Unlikely Match between Financial Data and Open Innovation

Marcelo Soria-Rodriguez (BBVA Data & Analytics)
Business & Industry
Location: 113
Average rating: ***..
(3.90, 10 ratings)

In retail banking, success has often been linked with the capacity to understand customers and assist them in their big plans. Today, in a world connected digitally, this goal is only achieved if retail banks also master the exceptional value of their data. Unlike Facebook nor Google, customers of a bank do not choose to forego their privacy in exchange for highly valuable and free services. However banks have a lot to learn when innovating with data. Many still believe that digital is basically another channel for the same old stuff.  This is the story of an idea that seemed wild for a bank: creating an open data platform with third party access to let them build on top of new data capabilities not available before. An idea that propagated to end up at the heart of a whole new type of company. 

This talk will lead the audience from a concept that was radical at its inception 4 years ago, to a reality that inherits from traditional banking values (trust, customer service) yet aims to fundamentally change the way value is delivered to end customers when data embraces open. Open represents a culture change, a change that involves many elements that play along quite well. Open is transparency, both inside the company and in its relationship with third parties. Transparency towards society and transparency among players levels the playing field and opens up competition. Open is starting small, learning and iterating. Open is letting your data love other data and viceversa.

The audience will learn about our processes, our story and our learnings. We will share insights on the process that lead from that initial idea to launching a spin-off whose mission is to generate new value from BBVA’s data sources, on their own and in combination with other data, internally and externally, through its own inventions and with the help of other actors. We will show how as technology drives the natural scaling of data based activities beyond the boundaries of traditional institutions, we are embracing the open side of the new value chains that are being created as a result of this scaling. We will talk about how we grew skills and practices around data visualization, network analysis, small data, thick data, linked data, and fast prototyping to convince internally and bring data where knowledge can make ideas grow. We are launching data based products that mean a new role for us, that lead us in the transformation of our company into a digital one. This is something that businesses large and small alike need to understand if they wish to thrive in the new economy.

We will end the talk with an announcement that symbolizes the start of a new era for us, the next step in the evolution of an idea that was radical 4 years ago for a conservative industry and that becomes a reality when you stop worrying and love open, inside-out.

Photo of Marcelo Soria-Rodriguez

Marcelo Soria-Rodriguez

BBVA Data & Analytics

Marcelo Soria-Rodríguez is VP Data Services at BBVA Data & Analytics, a fully owned subsidiary of BBVA where all the provisioning of big data & data analysis has been centralized in order to ensure best practices, fast deployment, talent retention and global reach. He is a Telecommunications Engineer and M.Sc. in Signal Processing. His previous work background goes from being a researcher at Nokia, software developer and project manager at two spanish startups and has been with BBVA in its innovation department for over 6 years now. He has an appetite for fine eating, photography, architecture, reading about how our brains work and spending time in initially useless tasks which end up being a massive waste of time.