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    The digital transformation of the banking industry

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    Changing consumer habits and the new competitive environment are forcing banks to digitalise as a matter of urgency. We have identified three successive stages in a bank’s digitalisation process: responding to the new competition, technological adaptation and strategic positioning.

    Available in Spanish, English

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    Geo-World: Conflict & Social Unrest July Update

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    ISIS continued to expand in the Middle East and North Africa in July, intensifying security problems in the region. Separatists and the Ukrainian forces reached a preliminary deal to include lighter weapons in the Minsk agreement, but reciprocal attacks still continued. Crucial gains have been achieved by the Saudi-led coalition in Yemen. East Asia and Europe remained calm

    Available in English

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    U.S.| State Monthly Activity Indexes

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    In June, activity increased in 42 states, but the pace of expansion decelerated nationwide, especially in the Sunbelt. The states which experienced a strong pickup in activity in June were mostly concentrated in the Northeast and the West.

    Geographies:USA

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    U.S. | Values-Based Investing Gains Mass Appeal

    By ,

    Values-based investing (VBI) accounts for $6.6 trillion of assets under management. VBI is shifting from negative to active / positive screening. Increasing demand is making VBI a prominent investment method.

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    FOMC Statement: July 28-29th

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    As expected, the FOMC did not increase rates in July and made no specific mention to a potential increase in September. Changes to the statement were minimal and mostly reflected a slightly more optimistic view on the labor market. Our expectations remain for the first rate hike in September, closing out 2015 at 0.5%

    Geographies:USA

    Available in English

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    China’s Uncertainty and Risks to the U.S.

    By ,

    A Chinese stock market shock could significantly impact the U.S. in the case of global financial contagion. Trade and investment are the primary channels of impact in a severe case scenario. Additional risks could emerge if China decides to sell off holdings of U.S. Treasuries

    Geographies:USA China

    Available in English

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    Digital Economy Outlook. July-August 2015

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    In this issue we focus on: E-commerce in Spain; the EU General Data Protection Regulation; Turkish banks’ digitisation; the blockchain technology; and Electronic money.

    Available in Spanish, English

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    Technology, Opportunity & Access: Understanding Financial Inclusion in the U.S.

    Document Number 15/25

    By ,

    Although the U.S. is regarded as having a well-developed and deep financial system, financial inclusion continues to be a challenge for many communities and households. Using four databases with over 4 million data points and a PCA methodology, we developed the FIMI for 251 Metropolitan Statistical Areas, to help us identify the main determinants behind financial inclusion

    Available in English

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    Financial Regulation Outlook. July 2015

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    This month we focus on: lower capital charges for EU robust securitisation, the proposed IRRBB treatment, Credit Value Adjustments, the MREL guidelines for EU banks, the SREP methodology for supervision, BIS corporate governance principles for banks and the EU General Data Protection Regulation.

    Available in English

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    The Iran Deal: pros and cons for the Turkish economy

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    The P5+1 nuclear deal with Iran constitutes a milestone with significant international implications, especially for the Middle East. The deal's net effect is positive since it avoided a nuclear escalation in the region. Part of its success has been to circumscribe negotiations to the nuclear issue. The deal will benefit Turkey in economic terms, but challenges will arise.

    Available in English

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    U.S. | Auto Industry Chartbook

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    Robust demand for light weight vehicles driven by low interest rates, low energy prices, and improving job prospects.

    Available in English

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    U.S. | Oil and Gas Chartbook

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    After two months of relative stability, crude prices went down again due to over-supply concerns. Both production and inventories continued to expand despite the downward trend in rig count and capital expenditures.

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    U.S. | Biometrics: the future of mobile payments

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    Benefits from biometric authentication extend beyond improving security. Its adoption rate will continue to surge, particularly in the financial sector. Biometrics has potential to transform the mobile payments system

    Geographies:USA

    Available in Spanish, English

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    U.S. Negotiates Historic Deal with Iran

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    The White House is committed to implementing the deal despite fierce opposition. Iran can increase oil production and exports, resulting in downward pressures on oil prices. However, impact is dependent on Iran's compliance and volatile dynamics in the region.

    Available in Spanish, English

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    ECB, the focus is on Greece

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    The ECB reiterates its focus on the full implementation of its measures and its readiness to do more, if needed. The APP proceeds smoothly, despite recent developments in financial markets. On Greece, the ECB increases the ELA to Greek banks by EUR900mn euros as “several positive things that have happened” On the euro, Mr Draghi wants decisive steps on further integration

    Available in Spanish, English

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    Murcia Economic Outlook. First half 2015

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    Murcia’s economy is building on the growth which began in 2014. BBVA Research forecasts growth of 3.2% in 2015 and 2.6% in 2016. 38,000 jobs will be created over the two years and the unemployment rate will come down to 23%.

    Available in Spanish

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    Mexico Economic Outlook Second Quarter 2015

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    Growth should pick up from the second quarter of the year. Implementation of reforms should continue, so as to speed up growth in the coming years. Domestic demand should be strengthened to provide balance for the drivers of growth. Inflation has reached its historical low and should hold at levels of under 3.0% for the rest of the year

    Units:
    Geographies:Mexico

    Available in Spanish, English

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    Monitoring ECB balance sheet expansion (June 2015)

    By , , , , , , ,

    In June, the asset purchase programme was ahead of the set monthly target of EUR60bn, (EUR62.9bn). We still think that inviting speculation over an early withdrawal of stimuli would be both premature and risky, especially in a context where risks deriving not only from the situation in Greece but also from China are giving rise to a high degree of uncertainty.

    Available in Spanish, English

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    U.S. | Blockchain Technology: The Ultimate Disruption in the Financial System

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    Blockchain ledgers bypasses centralized financial infrastructure. This leads to the development of new businesses and the overhaul of existing ones. For the financial sector it could imply the biggest disruption to date

    Geographies:USA

    Available in Spanish, English

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    Latin America Economic Outlook. Second quarter 2015

    By , , , , , , , , , , , , ,

    LatAm growth will remain low in 2015 and will slowly pick up in 2016, though still below the region’s potential level. Unevenness will continue in the region, with Brazil in recession and the Pacific Alliance growing at around 3%.

    Available in Spanish, English

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    August 2015