BBVA API Market
Here is the transcription of the video:
I’m Francisco Muñoz, and I’m the CEO of Theysay.
What is Theysay:
Theysay collects all the information out there on the Internet and analyzes it to understand what users are trying to tell us when they upload their opinions to the net. So what we do is we process all that information. We work with millions of opinions we collect from over 50 websites in four countries, and we process it all so business owners can gain a better understanding of what people think of them and can extract knowledge from what the users are telling them.
The app City Tourist Scanner:
This app focuses on understanding how the reputation and popularity of tourist sites in a city affect tourist spending. In other words, what we do is take the information we have on the reputation of sites of interest to tourists – this could be a museum, a church, a sculpture, a garden – anything – even an event that might be taking place in the city – over a certain period of time, and cross-reference it with the bank’s data on spending, and look at how it’s distributed, so we can see – just as you would logically and reasonably expect – that the greater the popularity and the better the reputation, the more people spend, and that’s absolutely natural and normal.
We found sites with a high reputation and very little spending, which represents a business opportunity from the point of view of the tourist industry. We also found sites where the opposite happened – in other words a lower reputation for popularity but a high rate of spending. And there we have a problem, because we know there’s a major influx of tourists but they are taking a very bad impression away with them. This is the essence of what the platform we’re presenting to the competition does.
The future of this technology:
So we’re diversifying our technology – that is, not only applying it to tourism, but also to sectors where the users’ opinion has an ever greater weight. For example, we’re beginning to work in the area of healthcare, and have launched a project for analyzing the reputation of healthcare clinics in England.
I believe the issue of users’ opinion on the Internet is very important, because it could be said that people are more likely to believe what another person says than what the brand says. We’re a little skeptical about what companies tell us about their own product, so we pay more attention to the opinion of someone who’s had experience of a product or service.
So this is going to spread to other sectors, and in a few years we’ll be seeing opinions on car repair workshops, plumbers, electricians… We’re going to try and find the reputation index of the professional we’re intending to hire before we hire him or her. This is a trend I think is now clearly underway.
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.