BBVA API Market
The enormous volumes of data generated by a bank such as BBVA in its daily activity—on the real transactional movements of citizens—are a new source of information to better understand the socio-economic interactions that occur in the city.
They make it possible to find out in detail how citizens and tourists are using the services according to their lifestyle or origin, where they go or in what time slots they do so. Information that helps generate a dynamic vision of cities, their areas, inhabitants and needs.
But how? Thanks to ‘APIfication’ process, in which BBVA has been working for some time, whereby transactional data is opened and converted into aggregate, anonymized, useful and accessible information to third parties. Those responsible for making it possible are data APIs, which, combined with other available sources, enable the creation of new business models, boost the economy and optimize decision-making—since they do not reflect intentions, but provide evidence—.
Paystats is a BBVA API_Market API that offers aggregated and anonymous statistics of millions of transactions made with BBVA cards and any other BBVA POS bank to create a virtual map that allows us to analyze consumer habits, among other variables.
Cities are the physical support of its inhabitants and their activities, which in many cases involve payments and leave behind a fingerprint. Paystats allows you to read this footprint when recording the data on electronic payments and cash withdrawals at ATMs, which, analyzed in an aggregate way, give a measure of a territory’s pulse and prosperity. In addition, among other utilities, it makes it possible to find out the impact of events of different magnitude, the remodeling of an urban space, the transport networks or the differences in legislation concerning store opening times.
This API’s database dates back to 2014 and the searches are made on a specific geographic area (postal code, census section or defined area of 500 meters by 500 meters), with several filtering criteria: age, gender, origin, peak and off-peak consumption times, store category, etc. The data is offered anonymously and aggregated, so that the customer’s identity is completely protected.
Its usefulness is summarized by three key components:
Paystats agglutinates the information of millions of transactions, offering representative samples that extrapolate to the whole population. The transactions are recorded with the day, time and place where they were made, allowing for temporary and dynamic analysis.
The date, time or place parameters are enriched with other variables such as age, gender or origin, which allow for advanced segmentation and behavior comparisons between different types or segments of citizens.
‘API-ing’ information, as Paystats does, has great advantages over other systems in terms of accessibility, scalability, speed and flexibility. In addition, to increase the versatility of its use, the Paystats download version has been developed, that makes it easier for the information to be integrated with data viewing tools such as GIS systems.
There is no doubt that APIs are facilitating the development of smart cities, with outstanding examples in cities such as Barcelona and New York. The role that private companies can assume to promote them and generate positive results in their environment is to open their data and provide access mechanisms to them.
Application Programming Interfaces such as Paystats allow actionable information to be channeled toward those that can use it to serve the common good: to improve the environmental and economic sustainability of cities, as well as the quality of life of its inhabitants.
The real estate sector is becoming digitized by investing in technological solutions to adapt to a user looking for simple processes and transparent documentation in the purchasing processes.
APIs can be designed to facilitate customer onboarding, so that the necessary steps are simplified and registration for the bank-mediated service is maximized.
Bank accounts are one of the most popular products taken out by Spanish citizens. Open banking is helping to further generalize this product among the population by offering digital accounts on third-party platforms. An incredibly attractive option with a number of advantages over traditional checking accounts.