For the first time in Spain, BBVA will allow products contracted by customers with other banking institutions to be added to its mobile banking app. The information will be included in Bconomy, the tool that examines the income and spending of users to provide an analysis of their financial health and a more complete view of the state of their finances.
Amid increasing numbers of fintechs joining the financial industry and burgeoning investment in them - Accenture reports $27.4 billion was spent financing fintechs in 2017, an 18 percent increase year-over-year - there has been much hand wringing and discussion about the future of incumbent banks. For BBVA Compass Head of Business Development Pepe Olalla, the future isn’t so murky.
“When people say the next industry to be disrupted will be banking, and that it will suffer what media or the music industries have suffered, I tend to disagree,” he says.
More than six months have passed since the initial deadline for compliance with the EU’s PSD2, designed to increase openness, convenience, and competition in consumer banking. There has been criticism that the foretold open banking revolution has been slow to get off the ground. But is that fair? What has been achieved so far, is open banking on course, and what does the future hold?
Thoughts were shared recently about what potential fintech entrepreneurs should be wary of when first starting out. A particular piece by Forbes outlines key tips from top leaders in the fintech world, including representatives from companies such as Instant Financial, Alpha Vantage and more.
Instant credit? With the BBVA Compass Mobile Banking App’s Payments & Transfers functionality, it’s possible. All you need is a BBVA Compass credit card and a BBVA Compass account. Here’s how it works.