A key player is emerging in the financial innovation ecosystem
Industries, businesses and services have been revolutionized by new technologies, greater information processing capacity and speed, as well as easier data connection possibilities and lower smartphone costs. Travel agencies, car rentals, music and book sales, the retail sector and public transportation are just a few examples of areas that have completely changed.
In this context, the financial industry has also transformed and is facing a paradigm shift. What sets financial institutions apart is changing from the institution’s physical infrastructure (number of offices and ATMs) to customers’ experience using digital channels for their bank transactions. For the past several years, BBVA Bancomer has been working hard to put the focus on transforming its business strategy and adapting to the new competitive environment, marked by customers’ new demands and the arrival of new competitors from the digital world.
One way to accelerate the bank’s digital transformation and develop new business models is through BBVA Bancomer’s direct contact with the innovation and entrepreneur ecosystem. The purpose is to help design digital solutions and produce profitable products and services that are relevant and timely for customers, and promote the creation of alternative distribution and service channels for them.
In order to be part of this ecosystem, apart from participating in conferences, events and hackathons, initiatives are developed to shed light on current and new customers’ experience to design, build and implement new digital experiences.
The BBVA Group is also encouraged to become more open, so that high-impact digital solutions that easily “connect” with people’s everyday lives and help them make financial decisions are designed in conjunction with the innovation ecosystem (entrepreneurs, startups, students, academia and investors).
Another key way to interact with Mexico’s ecosystem of entrepreneurs is through BBVA Bancomer’s Innovation Center, a space that promotes a culture of collaboration with entrepreneurs and developers. - BBVA Bancomer
Creating joint projects with startup founders has been the best way to participate in this ecosystem, by developing a business relationship with them. These entrepreneurs help to make some key processes more efficient and develop new capacities that BBVA Bancomer did not have. At the same time, startups have the opportunity to test their solution, their reaction capacity and exponentially increase their user base. If Bancomer partners with these startups, it will open the door for many others to feel more confident to test their solution.
BBVA Bancomer's Innovation Center
Another key way to interact with Mexico’s ecosystem of entrepreneurs is through BBVA Bancomer’s Innovation Center, a space that promotes a culture of collaboration with entrepreneurs and developers. This center is an open space where bank employees and the external entrepreneurial community coexist, interact and share ideas. To date, 85 events have been held at the center with more than 6,000 participants. Contact was made with the founders of 80 startups and a relationship was established with around 15 venture capital investment funds. This year, six to eight pilots will take place with entrepreneurs.
By maintaining contact with the innovation and entrepreneur ecosystem, digital solutions are designed that benefit customers and financial services users. Evaluating and developing open innovation initiatives through partnerships with the fintech industry has led to new capacities and the acquisition of disruptive technologies to design better solutions for customers. This is the reason behind the conviction that BBVA Bancomer is a leader in Mexico’s financial innovation ecosystem.