It was a record-breaking week for BBVA Spain, particularly in digital records. From Nov. 20 through Nov. 27, the period including “Black Friday” and “Cyber Monday,” the number of consumer loans contracted at BBVA Spain reached unprecedented levels, with 54% coming through digital channels.
The recovery of private consumption in Spain and the proximity of the Christmas season have combined to make Black Friday a particularly important period for the sale of credit products in general, and consumer loans in particular. For this reason, BBVA Spain drew up an exclusive offering for its online channel, one that was easy to publicize and had no origination fee.
From Wednesday Nov. 22 through Friday Nov. 24, BBVA Spain sold one of its one-click loans every two minutes, and one every three minutes during the entire Black Friday week. In early 2015, BBVA Spain made one loan per hour.
Sales peaked on Thursday Nov. 23, with a record number of consumer loans at BBVA Spain. During the entire ‘Black Friday’ week, activity increased 75% over the previous week. Digital channels contributed significantly to the weekly surge in sales, especially on Thursday, when they accounted for 54% of the total. Taking the month as a whole, 50% of loans were made through digital channels.
“The activity during ‘Black Friday’ confirms the relevance of digital sales across different customer segments, and the existence of a space for banking products and services within opportunities traditionally reserved for the retail world,” explained BBVA Spain’s Head of Business Development, Peio Belaustegoitia.
A digital campaign
BBVA Spain detected that on these dates, bank customers also look for Black Friday-related financial deals, even though the sales period is usually associated with the retail industry. Having prepared a campaign with a very specific offer (online, with no commission, etc.) the bank decided to present it to customers during the period of maximum influence, from Nov. 20 to Nov. 27.
According to preliminary results, compared to the same period of the previous year, one-click loans (preapproved) during ‘Black Friday’ week multiplied by a factor of 4.1. Furthermore, 42.6% of customers that chose this product also took out loan protection insurance.
Traditional loan requests (for non-customers or pending approval) through online channels also increased notably compared to the same period of 2016, with one request received every 1.5 minutes. It is also worth noting that the surge in online activity did not affect branch office sales, which maintained their average daily figures.