BBVA announced the launch of BBVA tú cuentas today, a personal money management solution that will revolutionize the way users manage their finances and make decisions in banking. The new tool, which has been developed by BBVA and Strands, Inc. will be launched in beta format and, this autumn, will be made available to BBVA’s 4.1 million online banking customers through the Group’s network.
BBVA’s latest product was announced today at a Press Conference by Francisco González, Chairman and CEO of BBVA; José Ignacio Goirigolzarri, President and COO; Manuel Castro, Director of Innovation and Corporate Development; Javier Bernal, Director of Innovation and Business Development in Spain and Francisco Martín, Chairman and CEO of Strands.
What is ‘BBVA tú cuentas’
BBVA tú cuentas, designed and rolled out by BBVA in collaboration with Strands, Inc, North America’s leading online social recommendation company, is a revolutionary solution for managing personal finances that offers users easy-to-use research tools to help them better manage their savings and expenses.
BBVA has 4.1 million online users who carry out over 1.3 billion online transactions a year. Strands Social Recommender, one of the tool’s key components, will enable BBVA to better understand its customers’ needs and habits. Based on this, customers will be able to choose the personalized proposals offered for financial and non-financial products.
Some of the key features of this tool, offered by BBVA to its clients, are its fully adaptable interface, personalized advice and versions available for iPhone, Blackberry and Nokia handsets.
A solution with numerous features
Today sees the launch of the beta version of BBVA tú cuentas, BBVA’s money management solution with the following features:
1. Instant snapshot of financial and non-financial information (global overview)
BBVA tú cuentas aggregates all types of information that are relevant to the customer. This can include financial information, not just from BBVA, but from other entities the user is a customer of, and also non-financial information such as electricity and phone consumption etc.
Users will therefore have a global overview of their household economy, enabling them manage their savings.
2. Automatic information cataloging
The program will automatically catalog customers’ information into a series of predefined categories facilitating subsequent processing. It will also allow customers to narrow the classification of their information by re-categorizing operations to better adapt them to their profile.
3. Analyzing customers’ finances
This feature of BBVA tú cuentas presents customers’ information more visually and in graph format, providing them with an instant snapshot of all their finances to better understand what they are spending their money on.
Users also have total control of the interface, allowing them to personalize the analysis by choosing a specific time period or exploring a particular spending category.
Customers will also be able to chart their income and expenses over time and print out predefined reports.
4. Comparison with reference groups
This service also permits users to compare anonymously their finances with a group of their choice, allowing them to make a comparison of different expense categories with the chosen group. This helps clients understand their financial situation better and puts it in a context that may prove useful.
5. Personalized advice (financial or non-financial)
BBVA tú cuentas offers the user personalized advice based on knowledge of their tastes and preferences.
This can include simpler options ‘ such as statistical information that may be pertinent to the user’s finances, or more specific information regarding important expense categories ‘ and even more sophisticated options which use artificial intelligence to help find opportunities that are tailored to the customer’s preferences and needs in products and financial and non-financial services.
The user can also evaluate the utility of these suggestions, in such a way that the platform learns their tastes and preferences in order to make recommendations that are more adapted to their profile.
Lastly, the service will help users manage their savings better, allowing them to set budgets by expense category. It can also establish notification systems through email or sms that will update the user on the state of their finances.
Other features of the BBVA personal financial solution are:
1. A powerful array of functions that allows the tool to adapt as much as possible to the needs of the client in the shortest amount of time possible. Each one of the 20 functions constitutes a small application that executes a set task. The customer can personalize the tags so that options preferences are readily visible, and the desired content is always on hand.
2. Thanks to Strands Social Recommender, BBVA tú cuentas can provide users the best personalized suggestions, and help them find new ways to save and invest.
3. It comes with versions that are compatible with Blackberry, iPhone and Nokia (S60), making the service just as easy to use on mobile handsets as on personal computers.