BBVA API Market
Search and see beyond transaction data. The aim of most Big Data projects is to gain knowledge, because it will be the starting point for running a business.
Following a boom in data analysis for improving decision-making processes, many companies are now opting for an analysis that goes deeper into user knowledge, into consumer habits.
Knowing what leads them to buy a product, go to a specific store… everything can be found in the data: the distance they travel from the area where they live, the popularity of that point of sale, the weather that day… everything can give us a clue about the user.
One of the companies worth mentioning is Isla Negra, with an app that took part in the InnovaChallenge Mexico 2015 competition. This visual tool focuses on transaction data, but unlike others it is not geared towards data analysis or decision-making.
Its goal is to hook the user and thus find patterns to help local stores better understand their consumption habits and improve their development of certain sales areas. It involves looking for the most human side of data.
You can find out more about this app in this video:
You can watch more videos on InnovaChallenge Mexico apps on this playlist on YouTube.
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Carlos López-Moctezuma analyzes the present and future of open banking in a roundtable dedicated to this matter, where essential questions such as user growth curve, the role played by fintech and the profound evolution that banks such as BBVA and others have experienced in the past few years.
Open banking is driving the development of new apps that are integrated into company platforms, all in an effort to offer banking services to customers. Thanks to APIs, any banking operation, such as opening an account, can be done without the need to exit an application.
Open banking has changed the financial paradigm as we have known it so far. The widespread use of new digital platforms, connected devices and technology consumers has led to a boom in business opportunities for every company, many of which are already leveraging their benefits as much as possible.