BBVA represents a benchmark in terms of transparency and clarity in the main markets where it operates. It further intends to position itself as a long-term industry leader in the field. Its roadmap is focused on creating a satisfactory customer experience, helping clients to make informed decisions with regard to their finances. The aim is to drive customer trust, their willingness to recommend BBVA and the bank’s reputation.
BBVA has established guidelines, as detailed in this graphic, to ensure that it is the best bank in terms of providing transparent, clear and responsible communication (TCR). Transparency means providing all relevant information to users; clarity signifies making the same easy to understand, and responsibility is to safeguard the interests of our customers at all times. BBVA aims to incorporate the TCR principles throughout its value chain and make the customer experience an integral aspect of operations.
The bank has listened to what consumers have to say. According to a survey conducted by the international market research firm Millward Brown (based on more than 3,500 interviews across 8 countries), customers believe a responsible bank is a clear bank. According to the survey, users in Spain first and foremost want their banks to provide the pertinent explanations clearly and using simple language. Such explanations shape their opinions and their willingness to recommend the bank to others.
Society demands clearer information, all amid a climate of ever stricter regulations. As well as satisfying its customers, the work that BBVA does in this regard has a further positive effect: it drives digital sales. According to research from VE Interactive, poor information is one of the most frequent causes for users to desist from online purchases. One eye-opening statistic is that 41% of users of online stores add products to their shopping cart hoping to later find out more about them. However, they then end up not buying due to distrust, insufficient information on specific aspects or due to high prices.
BBVA is now working in four key areas based on the TCR principles. The first is TCR factsheets, which clearly and fully explain the details of each product. These are provided by bank staff to customers to ensure they are able to make an informed decision. Secondly are TCR contracts, with a simplified structure. These are key to helping customers to understand exactly what they are signing. Thirdly is TCR advertising, which ensures that users can make well-informed decisions and eradicates all small print. And finally we have TCR in digital channels, with BBVA providing all the pertinent information prior to arranging products and services, even on difficult mediums such as mobile devices. All of which have been warmly received by users in tests, while early results are already showing improvements.