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Banking Updated: 08 Sep 2018

BBVA, best bank in Colombia in Euromoney awards

BBVA Colombia has been recognized as the best bank in the country by Euromoney magazine, thanks to the progress made in the digital transformation process that the institution launched a few years ago. Other reasons cited by the publication that merited the award include the expansion of the institution’s digital customer base, its financial results and its solid market position.

“BBVA Colombia was the best bank in Colombia last year. The institution managed to leverage international investments to grow its digital customer base and expand its market share in its core areas. Under the leadership of Óscar Cabrera, CEO of BBVA Colombia, the bank increased its market share in the loan and deposit segments, and showcased its strength in low-risk segments such as commercial loans,” said Latin American editor for Euromoney Rob Dwyer.

In 2017, BBVA expanded significantly its customer base of both its online and mobile platforms, bringing the institution’s overall digital customer base to more than one million people.

The publication acknowledged the institution’s achievements in terms of digital progress and financial results

Óscar Cabrera Izquierdo, Chairman of BBVA Colombia, noted the importance of the award as a recognition to BBVA’s digital transformation process. “BBVA started tackling its digital transformation process a while back, focusing on the customer, who've welcomed the digital solutions that we've put out for them, and this has helped boost the use of digital tools and substantially improve their experience with the bank.”

In 2017, BBVA recorded 250,000 activations of its BBVA Mobile application and increased by 12 percent the number of customers that use this platform to interact with the bank. Currently, over 60 percent of customer electronic transactions are conducted through these channels.

Also, in 2017, the institution promoted the development of digital products such as the antitheft insurance that customers purchase when withdrawing money at an ATM, a 100 percent digital product. A total of 1.9 million policies were sold during the previous year. In this same sense, the institution revamped its online platform, in order to make it simpler, improve its usability and streamline navigation.

Positive results

Besides the company’s digital advances, Euromoney cited BBVA Colombia’s positive financial results as another pivotal reason for naming it the country’s best bank.

BBVA Colombia has a million customers that carry out their financial transactions through digital platforms, being mobile the one that grew the most

The institution’s loan portfolio grew 10.2 percent in 2017, up from to the same period of the previous year, where it stood at COP44 trillion and a market share of 10.37 percent. In retail banking, the institution’s portfolio balances grew 6.9 percent from 2016, and expanded its market share to 14.74 percent.

At 14.68 percent, BBVA’s market share in the consumer loan segment was the highest in the country, with 7.7 percent growth in balances.

BBVA also ended 2017 with a 5 percent growth rate in its mortgage loan, which stood at COP10 trillion, equivalent to a 17.15 percent share of the country’s total market.

The institution’s solid results also reflected in the business loan segment with 10 percent growth in its portfolio and a 7.3 percent market share.