Jürgen von der Lehr (BBVA Germany): "We want to become primary bank for customers in Germany”

Q: It has been one year since BBVA launched its operations in Germany. If you had to summarize this first year in one idea, what would it be?

A: I have only been in this role for a few months, but the entire team agrees that it has been a year of learning and, above all, a year of validation.

When BBVA decided to enter Germany, it did so with the conviction that there was room for a different kind of banking proposition: one that combines the digital experience customers now expect with the trust, strength and breadth of services offered by a major European bank.

One year later, that conviction has only become stronger. We have confirmed that German customers place enormous value on transparency, security, service quality and long-term relationships, while also expecting a banking experience that is simple, intuitive and fully digital.

For us, this first year has not simply been about acquiring customers. It has been about listening carefully, understanding how  customers in Germany manage their finances and adapting our proposition to build a bank designed specifically for them. That is the difference between launching a product and building a long-term banking franchise.

We have also learned where we need to improve. The speed of our initial growth created pressure in parts of onboarding and customer service. We have responded by refining processes, increasing service capacity and investing further in local support. For me, credibility means being open not only about what worked, but also about what we have improved.

Our performance indicators also show that we are not only growing our customer base. We have already reached a six-figure number of customers and, more importantly, around 60% of them are active on a monthly basis—well above the levels typically seen at many digital banks. Customer satisfaction  (Net Promoter Score) is also developing significantly above the market average, although our priority is to improve it continuously as we scale

Another encouraging sign is the quality of that growth. In digital banking, attracting customers is only the first step. What really matters is whether they continue to use the account as part of their everyday financial life. Around 75% of our customers fund their account within their first seven months, and around 85%  of those customers continue to keep money in  their accounts after the introductory promotional period. Many also use the account actively every month, demonstrating that they are making BBVA part of their everyday financial life. For us, that is a much stronger indicator of trust and engagement than customer numbers alone.

Ultimately, these are the metrics that matter most to us because they show that we are building long-term relationships and steadily becoming our customers' primary bank.

Q: Germany is one of the most competitive and traditional banking markets in Europe. Why did BBVA decide to enter this market?

A: Precisely because of that.

When we analyzed the European market, Germany stood out for three very attractive characteristics. It is Europe’s largest economy and one of its largest retail banking markets,  it has customers with a strong savings culture, and it is undergoing a digital transformation that still has considerable room to develop.

We also identified what we see as an interesting paradox. Germany is one of Europe's strongest saving nations, yet a significant share of those savings remains in current and instant-access savings accounts that generate very little return. Bundesbank data show that a very substantial proportion of German deposits remains in sight deposits  (€1.9 trillion as per their latest reporting ) is held in these types of accounts, meaning that many customers are not making the most of their savings over the long term.

At the same time, customers place tremendous trust in their banks, but many also feel that the digital banking experience still has significant room for improvement. That combination created a clear opportunity for us.

We did not want to enter the market simply by offering a better app or an attractive introductory interest rate. We wanted to demonstrate that it is possible to combine the best of both worlds: the trust, financial strength and expertise of a bank with more than 168 years of history, together with the agility, transparency and simplicity that customers expect from a modern digital bank.

That continues to be our main differentiating factor.

Q: During this first year, BBVA has introduced daily banking products (e.g. credit card), deposits, lending products, insurance, ChatGPT integration and more. What does this evolution say about your strategy?

A: It shows that we have never wanted to be just an app for making payments. From day one, our ambition has been to build a universal digital banking proposition. The current account is simply the starting point of a much broader customer relationship.

In just one year, we have built a much broader offering than would normally be expected from a bank that has only recently entered the market. Today, our customers already have access to deposits, a range of lending solutions, insurance products, new digital capabilities and a credit card that is particularly well suited for travel.

That speed of execution is possible because, although we are a newly launched digital bank in Germany, we benefit from the experience, technology and capabilities of the wider BBVA Group. We are not starting from scratch. We draw on decades of expertise in lending, risk management, technology platforms and operational capabilities that can be adapted quickly to the German market.

This allows us to introduce new products and financing solutions with the speed of a digital platform and the discipline of an established bank..

Our objective has never been to offer just a current account. We want to build a truly universal digital bank. This is the same model we have already successfully developed in Italy, where we started with a current account and today offer a comprehensive range of products, including loans, mortgages, insurance and investment solutions.

Germany is following the same strategic logic, adapted to the specific needs of the German market.

Today, our customers can save, borrow, make payments and obtain protection for selected needs,  and access innovative digital capabilities through a single platform. And we will continue expanding our offering because our ambition is to become our customers' primary bank. That means supporting them through every important financial decision they make.

Q: What have German customers taught you during this first year?

A: I am German myself, and I believe this first year has confirmed something that is not always understood from the outside: German customers are not conservative because they resist change; they simply need very solid reasons to trust. Once that trust is established, digital adoption happens very quickly.

We have also learned that security is absolutely central. Customers want to understand exactly how we protect both their money and their personal data. That has led us to explain much more clearly features such as our card without printed card numbers and our dynamic CVV, which changes automatically every few minutes to provide additional protection for online purchases. Once customers understand the value of these features, they appreciate them enormously.

Another important lesson has been the value they place on personal service. Although they are looking for a fully digital experience, they do not want to feel alone when an important issue arises. That is why, from the very beginning, we have invested in a customer service team staffed by real people, available 24 hours a day, seven days a week, in German. We are also strengthening our local presence through our customer support center in Berlin, because we believe that combining an outstanding digital platform with local proximity, great service quality and market knowledge is an essential part of our value proposition.

We have also responded to concrete customer feedback. For example, we have adjusted transfer limits and made them more flexible after reviewing how customers were using the account. This is what customer-centricity means in practice: listening, testing and improving rather than assuming that the first version is final.

Finally, we have seen how much German customers value clarity and transparency. They want to understand exactly what they are signing up for, how much they will pay, and what they can expect from their bank—not only today, but also five years from now. This has reinforced our philosophy of offering straightforward products, with no hidden fees, and a value proposition designed to stand the test of time.

Q: What exactly does it mean when BBVA says it wants to become a universal digital bank?

A: It means we believe the future is not about choosing between traditional banks and neobanks.

Over the past few years, we have seen some institutions stand out because of their digital experience, while others have differentiated themselves through trust and the breadth of their product offering. We believe customers should not have to choose between those two things.

Our ambition is to deliver an outstanding digital experience, backed by the financial strength, technological capabilities and regulatory expertise of a major international bank.

In practical terms, this means that customers can manage their daily banking, save, apply for financing, purchase insurance and, in the near future, access investment services—all from a single application. Germany already has a dynamic digital investment market, but a large proportion of the population still does not participate in capital markets. We see an opportunity to make the transition from saving to long-term investing simpler and more accessible, while remaining disciplined about suitability, transparency and customer protection.

Ultimately, our goal is to build a complete financial relationship with every customer.

Q: Today, every bank is talking about artificial intelligence. What is actually changing for BBVA customers in Germany?

A: Artificial intelligence only makes sense if it solves real problems.

For us, AI is a tool that helps make banking simpler, more useful and more secure. We already use AI to help customers better understand their finances, personalize recommendations and strengthen security.

One example of customer-facing innovation is our Discreet Mode, which is designed to protect sensitive information when the app detects that another person may be viewing the screen. At this stage, the service is deliberately limited. It does not access account balances, or other banking data. Its answers are based on verified BBVA product information.

We are also introducing new ways for customers to interact with the bank, such as our BBVA experience within ChatGPT, which allows users to obtain verified information about selected BBVA products and services through a more natural, conversational interface. .

Our objective is not to replace human interaction, but rather to use artificial intelligence to simplify routine tasks, allowing our people to dedicate more time to situations where customers truly need personal support.

Q: Many digital banks initially offered highly attractive conditions that later disappeared. Why should customers believe BBVA will be different?

A: Because our strategy is not designed to maximize growth over just a few months—it is designed to build relationships that last for many years.

The fundamental difference is that BBVA does not depend exclusively on promotional offers to drive growth. We are a profitable institution with a solid financial structure and a long-term vision.

Our proposition will naturally evolve alongside the market, as happens in every industry, but we will always remain committed to one clear philosophy: delivering sustainable value with transparency and without surprises.

That principle  is particularly relevant in Germany, where many people have built substantial savings over the years, yet a significant proportion of that money remains in accounts that generate little or no return. We believe customers should receive clear and competitive value not only during an introductory period, but throughout the relationship.

That is why our remuneration strategy is built around long-term value rather than short-term campaigns. Our introductory offer is one part of the proposition, not the entire proposition. We want customers to know that their savings can continue generating value over time through a remuneration commitment that extends well beyond the welcome offer and reflects our determination to build lasting relationships.

For us, trust also means giving customers confidence about what they can expect from us years from now. Our goal is not to attract customers for a short-term promotion, but to become their primary bank for the long term.

Q: What role does Germany play in BBVA's European strategy?

A: Our project here is not driven by a short-term opportunity, but by a much broader vision of how we believe banking in Europe should evolve.

Europe needs banks capable of combining scale, innovation and customer proximity in order to remain competitive in an increasingly digital environment. We believe digital banking is the most efficient way to achieve organic growth in Europe's largest markets by leveraging our technological capabilities and the experience we have already developed across the BBVA Group.

Within that context, Germany plays a fundamental role. It is Europe's largest banking market, with enormous digital growth potential, and represents a decisive step in our strategy to build a pan-European digital banking platform.

Following the success achieved in Italy, Germany enables us to continue scaling a model that combines the trust and comprehensive product offering of a major international bank with the digital experience customers increasingly expect.

The model is not to impose a standardized product from outside Germany. It is to combine a scalable European platform with local leadership, German-speaking service and products adapted to German customer needs.

That is why we will continue investing in new products, technological capabilities and local talent. Our ambition is not simply to grow in Germany, but to help build a new generation of European banking that is more innovative, closer to customers and better prepared for the future.

Q: After this first year, what are BBVA Germany's objectives for the next twelve months?

A: The first year has been about laying the foundations. The second year must be about strengthening the relationship we are building with our customers.

Our priorities are clear: we will continue expanding our product offering, strengthening our customer service capabilities, listening very closely to the needs of the market, and increasing the proportion of customers who use BBVA as a central part of their financial lives

As I mentioned earlier, our objective is not growth for growth's sake. We want to progressively become the bank of choice for customers looking for banking that is simple, transparent and ready for the future.

Q: If, five years from now, a German customer had to describe BBVA in a single sentence, what would you like them to say?

A: I would like them to say: "BBVA is my bank. They understand me, they help me make the most of my money, and they are there whenever I need them."

For me, that says much more than simply being innovative or offering competitive products.

Technology evolves very quickly, products change and new competitors emerge all the time. But what truly endures is the relationship you build with your customers. Trust is essential, but it is trust combined with relevance, simplicity and consistently adding value that makes the difference.

If, five years from now, customers see us as an innovative, approachable and transparent bank that helps them make better financial decisions and supports them through every stage of their financial lives, then we will have achieved our objective.