The experts and analysts participating in the BBVA Open Summit 2018 addressed these topics by starting with a common understanding: that the use of data for decision-making companies and organizations - with help of artificial intelligence (AI) - is an unstoppable, positive trend. However, this trend poses new challenges that need to tackled.



'Data will be the raw material of AI-based economies. But a handful of companies have a dominant position in terms of data, so it's possible that only these few companies will be able to create value with AI. And this dominance may lead to an oligopolistic scenario,' said Argentina-born entrepreneur Mat Travizano, founder and CEO of GranData and CEO of Wibson, two startups specializing in the digital use of data. This, Travizano stressed, increased the risk of corporate competition becoming slanted in favor of tech giants like Amazon, Google or Facebook.

Javier Creus, founder of the innovation consulting firm Ideas for Change, also expressed concern over this 'disparity': 'Established companies can gather customer data from about 60 different sources. The new giants have hundreds or thousands of sources.' Derek White, Global Head of Client Solutions at BBVA was even more precise: 'In one year, bank customers may visit their bank branch ten times, but they'll make about 300 online contacts. 'During this same amount of time, a Facebook user connects 3,000 times and a WeChat [platform created by the Chinese company Tencent with more than one billion users] user connects between 5,000 and 6,000 times.'

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BBVA - Banco Bilbao Vizcaya Argentaria SA published this content on 19 October 2018 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 19 October 2018 00:22:06 UTC