Bank technology

BBVA, Google Partner to Provide Economic Forecasts

By Jackie Stewart January 17, 2012, 3:43 p.m. EST 1 Min Read

Bank technology

BBVA's Google Apps Move Could Open Doors for Cloud Projects at Other Large Banks

Bank CIO Jose Olalla says the use of Google Apps will change the way people work, and incidentally cut costs.

By Penny Crosman

January 13

Banco Bilbao Vizcaya Argenteria of Madrid and Google Inc. have teamed up to offer forecasts on economic activity for certain sectors within Spain.

The partnership combines BBVA Research's forecast models and Google's search engine data to publish monthly indicators. The information will be first provided to customers of the bank and the search company based in Mountain View, Calif.

BBVA said in a news release on Monday that the partnership reduces forecasting errors by 25%.

The two companies completed a pilot program measuring current and future demand in the tourism industry. This program provided information to gauge arrivals and overnight stays in Spain a month before official data was released. According to the BBVA-Google tourism indicator, foreign tourists will rise to roughly 1.9 million in February.

Executive Editor, American Banker Magazine

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Bank technology

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