BBVA customers use digital channels to make more than half of their investment fund transactions
BBVA customers now use digital channels to make 51 percent of their investment fund transactions. Both the bank’s web site and its mobile application have various tools that help customers make decisions about their savings and investments.
BBVA’s customers are increasingly relying on the digital tools provided by the bank to help customers with investment and savings decision-making. Since the beginning of the year, more than half of investment fund transactions and 70 percent of pension plan transactions were made on the web or using the mobile application.
BBVA is firmly committed to providing its customers with the financial guidance they need to achieve their financial goals. To this end, both the bank's website and the app have diverse tools, such as BBVA Invest, “Mis Inversiones” (My Investments), and Future Planner.
BBVA Invest is a service that provides personalized financial advice by suggesting the investment products that best fit each customer’s investment profile, in accordance with his or her personal circumstances and goals.
When investors access the tool, they are asked to provide a set of data: how much do they want to invest, if they will be making periodic contributions, how long they plan to hold the investment, and their tolerance for risk. Depending on these criteria, BBVA Invest recommends a range of investment funds for the investor’s profile. In addition, each year the customer’s personal circumstances are reassessed in order to determine if a change of investment strategy is necessary.
BBVA “Mis inversiones”
The “My investments” service allows customers to see the status and profitability of all their investments – both on the web and in the app – either at an aggregate level or per product. It lets customer see the profitability history of the product and the investment, consult the earnings per product, and compare products’ profitability. It can also show the actual value of each investment, the size of the investment in the overall portfolio, and the profitability in a specific time period.
BBVA Future Planner is the first digital tool that lets customers plan for life after retirement using their smartphones. First, it estimates how much pension (social security) each contributing member will receive and their actual capacity to save. With this information, the tool uses big data to present three possible future lifestyles and estimates how much would need to be saved to achieve them.
When it comes to managing their savings, BBVA customers can interact with the bank on three different tiers, according to the level of guidance they want to receive. In the first “do it yourself” tier, the bank provides the customer with tools in the app, such as the BBVA fund search tool, which lets the customer select the most appropriate BBVA fund for his/her needs. There is also a search tool for third party funds, which lets the customer use the app to follow a similar process for funds managed by third parties.
The second tier of guidance includes BBVA Invest, a multi-channel service – available at branches, in the app, on the bank’s web page, or by telephone – where the customer is given a suitability assessment that, based on the results, provides investment fund recommendations per his or her profile.
In the third tier, customers delegate their investment decisions to a fund manager through a discretionary management service. At this level, starting at just €20,000, customers can choose the discretionary management service from the Multi3strategia portfolios, where investments are assigned, as per the customer profile, to preserve capital, obtain income, or grow their investments by following the saving and investment decisions of the majority of customers. The bank's private banking customers also have access to a discretionary management service for their assets through the private banking managed portfolios, as appropriate to their customer profile and level of risk tolerance.
Other interesting stories