Representatives from Stratio BD, BBVA AI Factory and Bizum agree on the challenge and the need to work with data in real time with scalable solutions.

In recent years, big data has become a powerful tool in all sectors  – from marketing to healthcare. In marketing, for example, it is used to build targeted messages; in healthcare it is used to predict diseases and design personalised treatments; and in city traffic management it is used to plan transport routes. 

To analyse the latest trends and the current state of big data, D+I organised the meeting ‘Understanding the power of big data‘, with the participation of representatives from Stratio BD, Bizum and BBVA AI Factory.

A round table in which the three speakers wanted to highlight the potential use of data to extract its value for the business. “We are at a time when talking about data seems outdated. Now the trend is to talk about artificial intelligence, foundational models and the use of language”, began Marta Lamela Casanova, Data Senior Manager & Product Owner at BBVA AI Factory.

A perspective with which Óscar Méndez Soto, CEO and founding partner of Stratio BD, agreed, stressing that “we must learn not to be slaves to technological fads in order to be more rational”, in reference to the evolution that has taken place in recent years. “Before we talked about data storage, now what matters is that it is governed from the source to the destination, creating models that allow us to have a more complete view of the data”.

Óscar Méndez Soto, CEO and founding partner of Stratio BD
The Value of data

Among the uses of big data, one of the most recurrent is in financial risk management. “We have been working with data and analytical models for many years, which allows us not only to send notifications to our users about transfers or movements in their accounts, but also to develop predictive alerts and warn them, for example, if an overdraft may occur,” explains Lamela Casanova, of BBVA AI Factory.

When the customer understands that the service-provider uses their data to offer them a personalised service and help them in their day-to-day life, they value it, as happens with the categorisation of their money transfers,” she adds.

Marta Lamela Casanova, Data Senior Manager & Product Owner at BBVA AI Factory

Bizum executive explained that their business model allows them, on the one hand, to incorporate models from other sources [the financial institutions they work with], while at the same time providing banks with data on their customers, “such as usage peaks that occur at the end of the month or when a Champions League match ends”, he gave as an example. “Bizum has been a good testing ground for banks to learn more about their customers’ data and what they use the service for.”

Rodríguez Ferrer acknowledges that at the beginning they did not know who and  what customers would use Bizum for. Against all odds, and thanks to data analytics, “we have detected that where it is most mentioned is in the parents’ school chat, by people aged between 40 and 45 and with a regular income, and not so much the younger ones”. As a curiosity, he added that since the pandemic they have seen how its use has spread among older people.

Real-time automation and management

The CEO and founder of Stratio BD also listed three uses that, in his opinion, are the most relevant in the financial sector: “process automation,  fraud prevention and, above all, doing all this in real time, because if there is an anomaly, you have to act when it is happening to avoid creating customer dissatisfaction”.

On this issue, Marta Lamela Casanova, Data Senior Manager & Product Owner at BBVA AI Factory, pointed out that “working with data in real time is a challenge, but it must be done in scalable and efficient solutions so as not to create friction with normal operations”.

Fernando Rodríguez Ferrer, Business Development Director at Bizum.

Méndez Soto acknowledged that the amount of data is so immense that it is not possible to organise it with people, hence the need for automation, and the data fabric:

Automatically detect the data that an organisation has, govern it,  virtualize it to access all that merged data, and then use a logical model to give it meaning and translate it with business views”.

Oscar Méndez Soto – CEO and founding partner of Stratio BD

All of this in compliance with existing regulations and the ones that will be approved in the coming months, such as the Digital Services Law or the Data Act (European Data Law). An aspect on which the three attendees agreed, as well as on the current challenge of attracting and retaining talent.

“Professionals want to evolve, to be creative, and offering them training plans that help them not to become obsolete is essential,” Lamela Casanova commented. To which Méndez Soto added that today “if you have very talented people, but the organisation of the company is hierarchical and with the culture from the previous century,, they are going to leave”.

Photo: Cristina Villarino

Video: Cristina Villarino, José Verdugo

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Stratio guides businesses on their journey through complete #DigitalTransformation with #BigData and #AI. Stratio works worldwide for large companies and multinationals in the sectors of banking, insurance, healthcare, telco, retail, energy and media.