The digital transformation of the world’s banking industry is a critical evolution that’s needed to ensure the sector stays relevant to its customers and clients.
Last year was a big year – the best year, in fact – for BBVA Compass Retail Banking.
The retail bank unit, with a 644-branch network, not only realized its best year ever in customer growth, nearly doubling growth from the prior year, it also ramped up productivity and achieved record profits. And if that weren’t enough, the team tripled its in-branch mobile demos, reached the top level of retail network and mortgage origination Net Promoter Score (NPS) and improved workflow both inside and outside the branch.
BBVA has been named by digital banking consultants 11:FS as one of the world’s best digital providers - for the second year in a row.
BBVA Compass launched BBVA Compass Financial Tools as part of its mobile app functionality in August 2018 and recently released numbers prove just how valuable customers found the addition.
The U.S. consumer credit market is expected to change in the coming 12 months. Not only as a result of the positive growth of the market itself, but of disruptive and innovative elements that will drive the sector’s transformation.
Financial authorities will soon begin an unprecedented countdown. In 2018, fintech became an entrenched priority for the financial sector, and a multitude of strategies emerged to address the challenges of digitization. In 2019, financial authorities should take action and implement a global approach to the challenges of the new era. This is the conclusion detailed in BBVA Research’s latest report, ‘Financial Regulation Outlook 1Q19’.
Collaboration, technology and globalized regulation will be the drivers for success in banking
BBVA’s Group Executive Chairman Carlos Torres Vila explained just why cooperation between banks and the fintech ecosystem is key. He also made a powerful case for a G20 coordinated approach to digital regulation to foster innovation and drive competition at an event in Paris, alongside the IMF managing director, Christine Lagarde.
Google recently obtained a payment license in Ireland and Lithuania in order to offer payment services. Alipay, the financial division of Alibaba, received a similar license in Luxembourg. Facebook has had one since 2017. These licenses open the door to Internet giants operating as payment service providers across Europe, allowing them to manage card payments and transfers, for example. Is this merely the first step to them becoming banks?
BBVA backed fintech investment fund Propel Venture Partners has welcomed a new business to its portfolio - and it’s first investment into India. The fund has taken part in the $6.2m Series A funding round in Groww, a fintech business looking to change the way in which people on the subcontinent invest.
We recently caught up with serial entrepreneur Joaquín Ayuso de Paul, CEO and founder of Denizen - a fintech company incubated in BBVA's New Digital Businesses unit. Denizen has created the first truly global bank account for expats.