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BBVA and MIT continue to make progress in their research on the use of information to create new urban services
- As part of the program being developed by the BBVA Innovation Center to analyze smart cities
- The Massachusetts Institute of Technology (MIT) has been part of BBVA's international innovation network for a number of years
The BBVA Innovation Center today published a video on its website made in partnership with the MIT Senseable City Lab as an advance release on its joint research on the use of information to create new urban services.
The video covers purchasing movements in Spain over Easter Week of 2011. It shows the character of spending patterns of four categories of points of sale (fashion, bars and restaurants, food stores/supermarkets and gas stations) throughout the day across different Spanish regions and cities.
Data will continue to be collected over the upcoming Easter Week 2012 with the aim of testing the predictive capacity of this kind of analysis.
The video showing last year's results is available for downloading here:
BBVA Innovation Center and MIT
The Ssenseable City Lab, MIT is a cutting-edge multidisciplinary research group that studies the interface between cities, people, and technologies and investigates how the ubiquity of digital devices and the various telecommunication networks that augment our cities, are impacting urban living. With an overall goal of anticipating future trends, the Lab strives to reveal how a new, rapidly expanding network of digital devices is serving to modify the traditional principles of understanding, describing and inhabiting cities, as well as how we design and manage them.
The partnership between BBVA and MIT Senseable City Lab, established in 2011, has the following objectives:
- Discover new perspectives on the reuse of anonymized data from payment and cash withdrawal transactions in the city, taking into account the space-time component
- Understand how people relate to the city through interaction with different types of retail outlets
- Evaluate the predictive capacity that this new type of analysis has on future behavior
- Combine these data with other sources of information so that new perspectives may be extracted
- Create new services that improve the quality of life in urban environments
BBVA is a customer-centric global financial services group founded in 1857. The Group has a solid position in Spain, it is the largest financial institution in Mexico and it has leading franchises in South America and the Sunbelt Region of the United States. Its diversified business is biased to high-growth markets and it relies on technology as a key sustainable competitive advantage. BBVA ranks among the leading Euro zone banks in terms of ROE and efficiency. Corporate responsibility is at the core of its business model. BBVA fosters financial education and inclusion, and supports scientific research and culture. It operates with the highest integrity, a long-term vision and applies the best practices. The Group is present in the main sustainability indexes.