Revolutionizing customer experience across industries with BBVA Open Platform
In mid-September, BBVA Open Platform announced that it was working with Catch to provide banking and payment services for gig workers.
For Catch, a personal benefits platform for workers in the US who do not receive benefits from an employer, this collaboration is a core component of its product. For BBVA Open Platform, the announcement was the embodiment of its vision to enable companies across industries to embed banking services in their products.
At BBVA, we believe that in order for banks to thrive in the digital economy and keep pace with evolving consumer demands, we must transform from a profitable analog bank offering traditional banking products to consumers and businesses into a digital knowledge service business that innovates across industries.
While this transformation might mean different things for different banks, at BBVA, this included an investment in our core banking platform, which was the first real-time core banking platform in the US. Now we’re ready for a future that allows us to innovate for current customers, as well as for companies and their customers across a wide spectrum of industries looking to revolutionize their own products by using API-driven banking and payments services.
As a result of this thinking, open banking has become one of BBVA’s most important strategies. In the US, this is executed through BBVA Open Platform.
BBVA Open Platform provides a well-designed suite of white label banking and payment APIs that enable any US company to offer banking and payment services to their retail or business customers under their own brand. Today, Open Platform is the only open developer platform that provides such a suite of banking and payments services in the US that’s backed by a global financial institution.
BBVA Open Platform is always on the lookout for use cases that are not purely fintech, thereby creating myriad opportunities in verticals outside of banking and financial services.
BBVA Open Platform is always on the lookout for use cases that are not purely fintech, thereby creating myriad opportunities in verticals outside of banking and financial services.
BBVA Open Platform CEO Abhishek Gupta points out in an article on the Open Platform blog that any business that uses money as part of its operations should consider how to embed these services for a better customer experience.
For example, says Gupta, an industry like the one in which Catch operates - human resources - is ripe for solutions like those offered by Open Platform. The article points out that many of the most innovative human resources solutions offer ways to move money seamlessly and quickly among employers, individuals and other involved third parties or to hold funds for a period of time. All of which are services BBVA Open Platform provides.
Gupta also points to real estate and property management, insurance and retail as places where providing solutions with embedded banking services can be a game changer. He highlights companies like Tenant Cloud, Allstate and United Airlines that are generating buzz in the market with cutting edge improvements to their customer experience, all of which embed payments services in digital products to make transactions easy and seamless.
Just as Software as a Service took root with the expansion of the internet, it is our goal to make Banking as a Service an innovative core of our efforts to become a digital platform that allows clients across multiple industries to enhance, and in some cases revolutionize, their customer experience.
To read more about BBVA Open Platform, go to bbvaopenplatform.com.