CaixaBank Research, the Research Service of CaixaBank, has launched its “Real-Time Economics” website, which is described as “the most complete initiative of its kind in the world, offering quality information practically in real time on the country’s economic reality.”
The company’s Research Service is “making available to society this pioneering tool, which is rooted in digitalisation and on the Bank’s high market penetration in Spain.”
The website, a tool that makes relevant financial information quickly and easily available, is capable of “monitoring the current situation and changes in the Spanish economy in great detail by relying on anonymized internal data from CaixaBank from over 18 million customers, 11,500 ATMs and 700,000 point-of-sale terminals.”
The indicators thus represent society as a whole and the conclusions they offer “can be used to get a jump on trends and identify differences between groups (age, gender, income or activity sector) and regions (autonomous communities and municipalities).”
The website “includes a total of 850 indicators that are updated monthly thanks to the information provided by millions of transactions made using CaixaBank cards and POS terminals, and the nearly 6 million paychecks that are direct deposited with the bank.”
The data is “processed using Big Data techniques to provide quality information that gives a real-time glimpse into Spain‘s economy, and that can help families and companies make decisions.”
For example, a user of the site can “see how consumption is evolving in their autonomous community based on the sociodemographic characteristics of consumers, if salaries in a region are evolving differently, the level of inequality by age, or how much it costs the average household to buy a home.”
The information is “further offered in different levels of detail based on the user’s preferences: one format is simpler and more visual, with an infographic approach, and another is more in-depth, making it possible to interact with the charts for the various indicators.”
The interactive design “makes it easier to interpret the data with smart legends and text that complement the graphic information.”
The design of the “Real-Time Economics” website makes it easy “to check the information in this new economic analysis instrument.” Moreover, the internal data is processed using advanced calculation algorithms that “guarantee absolute confidentiality in terms of the internal data that is needed to build the various indicators.”
Users who want “to see updated information can subscribe to the newsletter service and receive and alert when the data is refreshed, or when articles are published analyzing the results offered on the website.”
For more details on this update, check here.
