Barcelona is synonymous with opportunity for tech talent. In this context, the Banco de España announced in March the creation of its new innovation and development center in the city, a unique opportunity for 25 professionals passionate about artificial intelligence and data science. At Tech Barcelona, we spoke with Mónica Moles, Head of the User Process Support Unit at Banco de España, to understand the role this center will play and the importance of its team.

What role will this new experimentation and development center of the Banco de España in Barcelona play?

It will play a key role in the digital transformation and oversight of AI in the financial sector. This center will focus on experimenting with and developing new technologies, leveraging the human capital and computational capabilities available in Barcelona, including collaboration with the Barcelona Supercomputing Center (BSC).

On the one hand, it will develop the Banco de España’s strategic AI and new technology projects, while also applying an experimentation approach to use cases involving AI both within the institution and across the banking sector as a whole.

The personnel selection process launched by the Banco de España, which closes on April 28, seeks to staff the Barcelona center with qualified, experienced professionals to take on this challenge.

What types of projects and initiatives will be developed here? What technologies will be used?

Initially, the Barcelona center will develop the strategic AI projects identified by Banco de España, while progressively incorporating new technologies. We aim to promote the application of AI in all of the bank’s functions related to the financial sector, from financial stability and supervision to monetary policy and internal operations.

Projects such as conversational assistants and AI-based systems to enhance information management could be transformational for daily operations. These assistants will be developed within multi-agent architectures using the latest available technologies.

Here are some examples of the projects we are working on:

• Analysis of public communication from the European Central Bank (ECB): AI can analyze how the ECB’s statements and communications influence financial markets.
• Measuring uncertainty: Evaluating economic uncertainty based on various data sources such as news and social media. AI can identify patterns and trends that affect the economy, providing more accurate tools for decision-making.
• SupTech tools for banking supervision: AI can detect anomalous behavior and potential fraud, improving the Banco de España’s supervisory capabilities.

In terms of technology, these professionals will have access to all necessary resources to develop these projects: access to large language models, computing power both in our data center and in the cloud, cognitive systems, generative AI tools, and modern development platforms.

What kind of profiles are being recruited in this first phase?

The selection process is structured around two main profiles: artificial intelligence and data science.

The roles involve developing quantitative tools using machine learning techniques, natural language processing, and artificial intelligence for the analysis, modeling, acquisition, visualization, and storage of data to improve the institution’s analytical and forecasting capabilities in economic and financial matters.

For both profiles, the requirements are: an official university degree with a minimum of 240 ECTS credits; at least three years of professional experience within the last eight years in roles related to these positions; and English proficiency at a B2 level.

What would you say to a data scientist or AI engineer who has never considered working in the public sector? What makes this opportunity stand out?

Trabajar en el Banco de España significa colaborar en sus funciones como banco central nacional y como miembro del Sistema Europeo de Bancos Centrales (SEBC), contribuyendo, entre otras, a su labor como supervisor del sistema bancario español, junto al Banco Central Europeo en el marco del Mecanismo Único de Supervisión (MUS). Esto supone, en ocasiones, trabajar en colaboración con otros bancos centrales en el desarrollo de proyectos con un carácter internacional y multidisciplinar.

Working at Banco de España means contributing to its functions as a national central bank and as a member of the European System of Central Banks (ESCB), participating in its role as supervisor of the Spanish banking system, alongside the European Central Bank under the Single Supervisory Mechanism (SSM). This often involves collaborating with other central banks on international, multidisciplinary projects.

Banco de España values diversity and promotes excellence, with heterogeneous teams that bring a variety of perspectives, leading to better outcomes. Diversity is welcomed and appreciated in all its forms for the richness it brings. Additionally, the Bank offers numerous career development opportunities and options for international growth.

In the fields of data science and artificial intelligence, this means working on unique projects with access to exclusive central bank data and high analytical value. This includes macroeconomic data, financial transactions, and detailed statistics that allow for deep and precise analysis.

Moreover, working at a central bank provides the opportunity to collaborate with experts in economics, supervision, regulation, and technology. This interdisciplinary collaboration enriches the work environment and allows for tackling complex problems from multiple perspectives in a setting that values ethics and responsibility in the use of AI. These roles allow professionals to directly contribute to economic stability and growth. The decisions and analyses made can influence monetary policy, financial stability, and banking supervision, positively impacting both the economy and society at large.

How do you think this center could influence the future of Spain’s economy?

The new experimentation and development center in Barcelona has the potential to significantly shape the future of Spain’s economy.

At Banco de España, we aim to support financial institutions in leveraging artificial intelligence and the full range of digital technologies already in place. Above all, the Bank will contribute its specialized expertise and deep understanding of the banking sector to oversee AI-related processes.

In addition, the center will foster collaboration with academic institutions, research centers, and private companies, attracting specialized talent in emerging technologies.

In short, the center will not only enhance the Bank of Spain’s efficiency and supervisory capacity, but also drive technological innovation, attract talent, create new economic opportunities, and contribute to better-informed economic policymaking—positively influencing the future of Spain’s economy.