Want your business to survive? Keep up with innovation and put customers first
In the latest of our 5 minutes with series, we spoke to Elena Alfaro Martinez, who sits in the Client Solutions unit at BBVA and is responsible for creating new products and services based on internal and external data sources and advanced analytics. She has achieved international recognition for her work on big data applications for urban management and planning issues. Elena discusses her role and how BBVA is harnessing data insights to develop better products and solutions for its customers.
What does a typical day look like for you?
There’s actually no such thing as a typical day for me although it’s often full of meetings! However, every meeting is different and I’m lucky because I work across a variety of fields. I have to say though sometimes I miss being closer to project execution.
I try to dedicate some time daily to read news articles and I believe we should all take time to think and read, but admittedly it can be very difficult to prioritise alongside your daily tasks.
Outside of the office, I look to exercise in the mornings and then play with my kids when I get home from work for an hour or so before dinner.
What is your vision for Open Innovation for 2019 and beyond?
I think Open Innovation should become part of the DNA of every company that has a vision to evolve and introduce new technologies. And in the competitive global market we operate in, there are few businesses that can afford to stand still.
The concept of engaging and collaborating with external companies to either define strategies or to execute them is growing, but it’s still not as advanced as you might expect. Many businesses still think that the only way to deliver is to have their own team and budget to execute on a project – this has historically been the standard for large corporations.
We need to force openness in order to make progress and business leaders need to see how beneficial this can be in terms of both learning and delivery. Therefore, my vision for Open Innovation in 2019 is to continue with this pioneering approach combined with bringing external business closer together with BBVA. Finally, we need to demonstrate to both the wider industry and our customers the value this has.
What’s most challenging about your role?
The most challenging part is that I don’t have just one role, so focus and time management have become my two obsessions. Now that my team has reached a certain size, it has gotten very difficult to work closely with everyone. At the same time, I want to ensure each person has the support they need.
How does your department collaborate with the external ecosystem?
We collaborate with a wide range of organisations from startups to investors and other corporates to deliver amazing experiences to our customers. Our department works with other large corporations, sharing resources and learnings from Open Innovation. We work with ecosystem builders to discover and share new opportunities, with venture capitalists, academics and governments to name just a few. Our network is always growing and the internal needs of the company are constantly evolving.
What do you think sets BBVA apart from other global banks?
First, the vision of bringing in technologies and innovation to the bank and incorporating those into our core business. I believe BBVA is well ahead of other banks in terms of realising this vision – it’s one that we’ve been working at for more than 12 years.
The culture and values of the company are also very unique. We’re a team of top professionals and experts, working together towards a common and shared vision, regardless of their role or location. These two ingredients – vision and culture – are very difficult to replicate. It often takes years and a considerable amount of determination.
What are the benefits of using machine learning in digital products?
Data and data intelligence are the foundation for delivering a personalised and scalable service, in both financial services and other industries. We only have to look at the most successful tech companies – like Google, Netflix and Amazon – that embed data intelligence at the core of their strategy. Currently, the most efficient and effective way to generate this intelligence is machine learning. Instead of creating an application or program based on a set of rules defined by a human, the computer will learn these rules from the data it’s fed, resulting in a much more powerful tool specially for cognitive processes.
Can you tell us a bit more about how BBVA uses data to develop new innovative solutions for customers?
We see data as a vital building block in product development and personalising interactions with our customers. Using data, we can personalise everyone’s experience depending on what they want or need, at any given moment.
As an industry, we have a long way to go in providing customers tech products that enable them to manage their finances easily, whilst maintaining control, which is what most people want now. The only way to do this efficiently at scale, is to create personalised experiences based on data intelligence and human-centred design.
How do you predict the banking industries relationship with data and technology will change in the next five to ten years?
I think we’ll start to see a new set of services being developed that don’t resemble financial products as we know them today. Rather than mortgages, bank cards and loans, products will align more closely with people’s lives and their goals. I think they’ll be much more intuitive and useful. If the banking industry is able to deliver this, we’ll be able to recover the trust that the industry has lost in recent decades.
I also anticipate we’ll continue to witness startups innovating in financial services and collaborating with the big banks to scale their products and reach more customers. Only those that are able to keep up with the current pace of innovation and put their customers first will be able to survive.
