Spanish banking giant BBVA (Banco Bilbao Vizcaya Argentaria) is making its raw transaction datasets available to developers in the hope that they will create new services, applications and insight into consumer demands.
Through the BBVA Innova Big Data Challenge, BBVA is providing participants with an application programming interface (API) containing anonymous customer purchase data and documentation via a purpose-built developer portal.
On the competition website, the bank says: "Our aim, as well as ensuring that these data are more accessible and easier to use by anyone, is to provide them with intelligence so that decision-making by companies and public institutions can be more efficient and favour improvement in the quality of life of their citizens."
BBVA will select nine applications across three categories including consumer apps, apps for the corporate/public sector and web or virtualisation technologies.
The company will select three winners from each category and award a total of €90,000 (£75,000) in prize money, with each prize ranging from €5,000 (£4,200) to €15,000 (£12,600).
BBVA has already received applications from developers in 27 countries and has made an English language version of its competition website available in an effort to boost further international interest. The company has also hosted a series of workshops to inspire the developer community to participate.
The deadline for the competition is 3 December 2013.
The Spanish bank has previously undertaken a number of big data projects with public institutions. For example, the firm took part in a study looking at the dynamics of tourist traffic in Madrid, and analsyed commercial data to aid urban rehabilitation, regenration and renewal projects with Spain's Ministry of Civil Works.