It is just one example of what this new technology, coupled with others like Big Data, can mean for the financial sector, one of which is more clearly betting on squeezing the full potential of digitalization, whether it's the competition coming from it or not. of the great technology companies or because of the need to improve their profitability ratios. All the big Spanish banks already have whole divisions dedicated to developing this type of instrument, when they have not created specific subsidiaries to focus on this task, because they play a lot.
"If you are able to predict that a customer wants to leave the bank, you can anticipate and act before the loss occurs, which is always cheaper than retrieving it when you have already made the decision to leave," says the director. of Marketing and Advanced Analytics of Customers of Banco Sabadell, Pier Paolo Rossi. And the same applies when detecting when a client may have trouble paying a loan, or if companies in a certain sector will have less revenue than expected in the coming months, which can advise credit managers to act with more caution.
Thousands of variables
Data that can come from the most varied sources, from the information contained in public bases, such as the cadastre or the National Institute of Statistics, on the income level or the demographic characteristics of the client's area of residence, to others much more private. Of all, the most important are the user's accounts, where the entire economic history of any person or business is recorded as nowhere else. "The bank is no longer interested in having a company bring its annual balance sheets, which were usually available several months ago; now they want you to give them access to all your accounts because this is where they see all the money that came in and out, the cash flow, which shows much more clearly the real situation of the company, "he says.
From September 14, with the entry into force of the new European PSD2 payment regulations, entities are required to provide this information to the competition, provided the client authorizes it, which is already giving rise to new strategies. commercial. For example, BBVA already offers the possibility of processing fast credits online for non-customers, without having to send any kind of documentation and without having to open an account with the entity. It is enough for the applicant to give him access to the rest of his banking positions and ensures that he can answer the request in just eight hours.
This is also the reason why many entities are incorporating so-called aggregators into their applications and mobile banking, which allow customers to operate from one place with all their entities. One way to get the same data, though there are some operators, such as CaixaBank, who claim that they only give this possibility as an added service but do not exploit this data.
In any case, it is noteworthy that banks are not the only ones who have access to such records. Citizens can authorize any company they work with to request this information, which opens the door to giants like Amazon or Facebook entering the financial segment.