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Mobile banking Updated: 05 Feb 2019

BBVA Compass Financial Tools: Success via aggregation

BBVA Compass launched BBVA Compass Financial Tools as part of its mobile app functionality in August 2018 and recently released numbers prove just how valuable customers found the addition.

A case study, released by Financial Tools provider MX in conjunction with BBVA Compass, shows that within five months of the mobile launch of the tools, the average monthly number of new users aggregating external accounts in the app had increased by 101 percent. The study contrasts that increase with one that showed in the fifteen months leading up to the bank’s launch of the tools in the mobile app, account aggregation in the bank’s online banking did not show any meaningful increase.

According to BBVA Compass Head of Online and Mobile Banking Alex Carriles, the case study proves that BBVA Compass is on track with its goal to provide the tools and experiences that customers most want, and in fact need, to help them on their financial journey.

Carriles: Including Financial Tools in the consistent with our efforts to constantly be adding functionality that helps customers improve their financial health and manage their spending and budgeting.

“We have the numbers that demonstrate our customers’ consistent adoption of our mobile app, so we know they use it to help manage their finances,” he said. “Including Financial Tools in the app not only made sense  from a business standpoint, it is consistent with our efforts to constantly be adding functionality that helps customers improve their financial health and manage their spending and budgeting.”

To twitter

BBVA Compass Financial Tools – integrated within the @BBVACompass #MobileBanking App – helps clients track and manage their #budgets, even allowing them to link to external accounts for an overall view of their #financial health.

BBVA Compass Financial Tools presently available to customers in mobile include:

  • Spending: Clients can see the percentages of their spending as it pertains to each transaction category. If they tap on a section, they will see how much they spent in each category.
  • Budgets: A chart that shows clients’ monthly budget. Budget categories change color from green to yellow and red if the client exceeds set spending limits. The visual approach is designed to quickly convey targeted spending and progress toward monthly budget.
  • Accounts: Allows clients to links and manage their external financial accounts so they can easily view their full financial life in one place. Clients can link everything from checking, savings and money markets to investments, credit cards, insurance, property and more from virtually any financial institution.

“It’s personally gratifying and exciting to see the increasing adoption numbers,” Carriles said. “It means that we’re providing the right service for our customers and creating an opportunity for them to manage their finances efficiently and effectively.”

Javelin Strategy & Research recognized BBVA Compass’ mobile app for the second consecutive year in 2018 as a leader for Ease of Use. In the same study, it was also named a leader in customer service. For three consecutive years prior to that, it had been named a leader in Functionality by Javelin and awarded for Most Comprehensive Alerts in 2016. In addition, Javelin recognized BBVA Compass as a leader in Financial Fitness in its 2017 Online Banking Scorecard, praising the bank for providing a notable online banking experience that guides customers on a financial journey.

For more information on the BBVA Compass Mobile Banking App, click here.