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Digital banking 05 Jan 2022

More than 10 million customers use BBVA’s financial health features

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With November 2021’s data, BBVA customers using its digital financial health tools now exceed 10.6 million. This is the equivalent of a 54% increase in relation to the almost 7 million customers that used these features a year ago, according to the data recently made public by the bank.

By country, the biggest increase was recorded in Mexico, where customers using financial health tools increased from 1.4 to 3.3 million in one year, a 126% increase following the launch of the personal financial management (PFM) tool. In Spain, the increase was close to 20%, surpassing 2.2 million users in November 2020 to reach almost 2.8 million this year. Another highlight was the increase of more than 10% in Turkey, where 3.5 million customers now use the financial health tools, compared with 3.1 million a year earlier.

This set of tools makes up different digital journeys that provide personalized and proactive advice to customers (and sometimes to non-customers as well) through alerts, automated rules, and recommendations tailored to their particular point in life or personal situation. They range from simple issues such as controlling daily income and expenses or saving for unforeseen events, to more complex ones such as debt management or advice on savings and investment products to plan for the future.

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Customers are using these features more and more frequently

Across the BBVA Group, the interactions of the bank's customers with these tools have increased by 73%, from 11 million in November 2020 to 19 million in the same month this year.

By geographical area, the country where these interactions have increased the most is Mexico, where they have grown by almost 180% between November 2020 and 2021, from 2.3 to 6.5 million. In Spain, the annual increase is around 20%, from 2.2 to 2.7 million interactions. 

Excellent customer opinions, greater satisfaction and loyalty

BBVA's tools have not only seen an increase in users and interactions, but are also rated very positively by the bank's customers. User opinions in Spain have reached an average of 8.67 out of 10 (based on the figures for the last three months). These positive opinions are an example of the increased satisfaction generated by these tools among BBVA customers.

Furthermore, the index that BBVA uses to measure customer satisfaction, known as NPS (Net Promoter Score), for users of financial health tools is 38.6 compared to 29.2 for customers who do not use them.

These customers are more satisfied and, in addition, are more loyal. Thus, the probability of losing customers who use the financial health functionalities is 1.28 points lower than that of non-users.

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Financial health impacting digital sales in Spain

Between January and November 2021, BBVA sold a total of 1.4 million financial products via digital channels in Spain. Of these, around 172,000 sales were made from the bank’s financial health tools, representing 12% of the total amount.

By segment and in the same period, 36% of the new national investment funds arranged by BBVA Spain came from the personalized digital advice tool BBVA Invest. This service allows, through a simple suitability test, to determine, based on the customer’s knowledge, experience, financial situation and investment objectives, their risk profile for the investment to be made. Depending on the results of the test, it recommends the investment fund that best suits their risk profile from a selection of funds managed by BBVA Asset Management.

Meanwhile, of all the new mortgages taken out with BBVA in Spain between January and November of this year, 27% were taken out after using BBVA Valora, one of the financial health tools offered by BBVA to help users choose their future home. BBVA Valora accompanies them in all stages of the search, purchase or rental of a home and informs them of the impact that this disbursement could have on their personal finances.

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