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Responsible Banking 17 Nov 2017

TCR: three letters that are changing the way BBVA works

The TCR principles are the foundation of the roadmap BBVA wants to follow to achieve its goal of becoming the leading bank in transparency, clarity and responsibility. Still, there’s a long road ahead, one that requires work on two essential levels: traditional and digital banking.

Traditional banking: TCR face-to-face 

In order for customers to be well-informed, with clear ideas about their relationship with the bank, BBVA has put in place the following initiatives:

1- TCR product sheets: all the information at a glance
It is vital that customers clearly understand the benefits, advantages, costs and risks prior to purchasing a product. For this reason, the TCR product sheets (brief documents with the relevant information on the product) exist for 90% of BBVA’s products for private customers in Spain, Mexico, the United States, Argentina, Chile, Peru, Colombia and Venezuela.

2- TCR contracts: More intuitive, easier to understand
It’s time to sign and the customer reads the contract. Does he or she understand everything? In order to ensure that the answer is “yes,” BBVA has changed its contracts, to make them more straightforward and intuitive. The goal is for 80% of purchased products to have a TCR contract.

3- Telemarketing guide: a useful conversation for customers
BBVA has adapted its telephone marketing scripts to ensure that customers make informed decisions. The bank has 30 sales scripts in Argentina, Chile, Colombia and Peru.

4- Complaints: clear responses
In 2017, BBVA reviewed and modified the structure and wording of the letters used to respond to customer complaints, based on TCR principles. To date, more than 100 letters have been adapted in Colombia, Chile, Peru and Venezuela.  

5- TCR advertising: transparency for the target audience
On January 1, 2015, BBVA launched the TCR Advertising Code which ensures that advertising is transparent and clear for the target audience. In 2016, the bank measured the degree of compliance to the advertising code, as well as the audience’s perception of the campaigns. The results have led to continued improvement in these areas, in the countries where the bank operates.

The challenges of TCR in the digital age

BBVA is in the middle of a complete digital transformation and the TCR principles are a big part of it, thanks to several initiatives: 

1- New digital TCR solutions: joining forces
BBVA has ensured that TCR principles are present in digital projects by including a TCR expert on their teams. This collaboration guarantees the quality of the digital solutions.

2- Agile Methodology: effectiveness using TCR principles
The Agile methodology is a quick and effective work method that BBVA uses to design digital solutions. In order to ensure that TCR principles are included in the deliverables, the “product owner” must monitor compliance in two important stages: the “Definition of Ready” or DOR, which determines when a task can start to be carried out and the “Definition of Done” or DOD, which determines when a task is ready to be presented.

BBVA has included two questions in these two stages in order to make it easier for the “product owner.”  The bank plans to do the same in all of its locations during 2018. 

TCR Training for transparency

BBVA wants everything it does to be TCR – both traditional banking and its digital transformation process. However, this would not be possible without adequate training for employees. In 2017, the bank has held numerous workshops, published online educational content, launched the first edition of the Plain Language at BBVA program and started a pilot training program for the legal departments that will be introduced in all countries in 2018.  

Are these initiatives producing results? The Net TCR Score (NTCRS), which measures the extent to which customers perceive BBVA as a transparent, responsible and clear bank says they are. In the second quarter of 2017, BBVA was the top bank in eight countries: Mexico, Turkey, Chile, Colombia, Peru, Venezuela, Uruguay and Paraguay.

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