- BBVA customers planning to buy or rent a home now have a completely free digital tool that will help them with the decision to buy a home.
- BBVA is offering its customers the possibility of knowing about how much they can afford to pay, and informing them of financing options to purchase a home.
- By entering the name of the city or address of the property in the search tool, the app opens a report on the area or neighborhood where it is located, the number of properties for sale and the average estimated price of the home.
- This represents a step forward in BBVA’s strategy to support customers with their most important concerns, helping them make an informed decision regarding financing options for the home.
BBVA has launched a new solution for all of its customers on the BBVA website free of charge. The digital tool provided by Madiva Soluciones, S.L. gives customers who are considering purchasing a home access to information on the area where it is located, as well as the estimated price and size of the home, in addition to other data. Furthermore, with the information provided in the tool, BBVA offers its customers the option of seeing approximately how much they could afford to pay and provides information on financing options to purchase the home, as well as suggestions to take into account before finalizing the purchase. With this new service, BBVA is expanding the solutions it offers to support and assist customers with their transactions, and in the decision making process regarding options to finance their home.
BBVA is able to offer this information thanks to the use of big data technologies. BBVA uses advanced analytics of data from our various business units as a driver of its transformation. One of the key elements of the bank’s digital transformation is the intelligent use of information.
This new services integrates three different functions into a single tool. First, it lets users explore a specific area of Spain where they are thinking of purchasing a home. Just by writing the name of the city in the search tool, the app opens a report with the number and type of properties for sale in the area, the average price of homes and average price per square meter, as well as the average size.
Once the city has been selected, the tool also lets users search for additional information on the exact neighborhood where the property is located (schools, shopping centers, etc.), as well as the age and size of the homes.
Second, if customers have selected the property they plan to buy, the tool shows them an estimate of the asking price and the price that could be negotiated. The information is based on official data from the land registry and on similar properties for sale in the area, in addition to other factors. This estimated price helps customers with the purchase or negotiation, but does not replace the official appraisal.
The app also uses data like the year the home was built, the size, and how the price per square meter has evolved over the past year. Everything is presented in a highly visual format, with search maps and images of the properties.
Customers can also get an initial idea of whether their economic situation will allow them to purchase the home. The tool includes a simulator that shows how much financing the home would cost. Simply by entering annual income and the number of years to finance the purchase, the app estimates how much customers would have to pay each month for a fixed or variable mortgage. This gives customers an initial idea of the cost of buying the home.
“BBVA wants to support and assist its customers in their decisions for major purchases by constantly offering innovations to make their relationship with us as easy as possible and provide them the best experience,” indicated Gonzalo Rodríguez Rodríguez , Director of Digital Transformation at BBVA Spain.
“Buying a home is an important decision that leads to questions and concerns. With this tool, BBVA aims to offer customers all possible information to help them make the best informed decision,” added the Director of Digital Transformation at BBVA Spain.
The technology used to create this tool is provided by Madiva Soluciones, S.L., a company BBVA acquired in 2014 as part of the BBVA Group’s transformation process. Madiva is a Spanish tech startup that provides tools and solutions to analyze information. Using its technology, Madiva generates information from different sources, and in combination with algorithms, offers interesting information on several sectors, including the real estate industry.
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