Of Special Interest
- Financial wellness affects half of peoples’ mental or physical health, finds report
- Study finds traditional financial institutions embrace Fintech disruption
- Grass is greener for environmentally friendly businesses, finds Barclays
- Prospective homeowners would consider a 40-year mortgage to escape renting, finds Santander
- Millennials’ needs are changing the face of banking industry, says new report
- FS is putting consumer data at risk by failing to protect mobile apps, says Arxan
- A lack of belief in their ability holds 28% women back in work, says Cambridge & Counties
- ‘Which?’ reveals Scotland has lost over a third of its bank branches in eight years
- Next downturn unlikely to be as bad as 2008, according to S&P
- FCA reveals findings from first cryptoassets consumer research
- US consumers favour single mobile app for banking and payments
- Banks suffering major IT shutdowns every day, ‘Which?’ reveals
- The US will be a key offshore centre in 2019, says GlobalData
- Debit industry changes markedly in 10 years of the Debit Issuer Study
- UK's ‘Big Five’ face ‘too big to compete’ as small challengers secure stellar returns
- Banks as vulnerable now as before crash, says new study
- Leverage ratio a constant conundrum for European and US banks, says SNL
17th February 2012
BBVA-Google first combined forecasts
BBVA and Google have issued their first forecasts on expected tourist numbers visiting Spain. The significance outside of the Spanish tourist trade is the new form of cloud analytics arising from the combination of external and internal data.
Banks have up till now used a certain amount of economic data in combination with their own data for forecasting. Card companies offer some purchase information by category also. This data has tended to be used in a relatively narrow way by the banks.
The Google-BBVA work takes this to a much more sophisticated level. Google's ability to bring search, booking and other payment data together with a bank's internal data has the potential to offer many market insights. It will allow banks to be cleverer with their own marketing and, as in the BBVA case, offer their clients more useful market information.
This approach will almost certainly become very popular globally in the future. It will no doubt spur other search engines, card organisations and booking organisations to offer trend data on a more professional basis. It is almost certainly the case that no other organisation has the breadth and depth of information as Google. Hence the sale of market trend information to organisations, financial or other, governments and other public bodies is likely to be a major future profit stream for Google.