-
Over 50% of BBVA customers bank online
-
In six of the banks core countries from Argentina, Chile, Turkey, United States and Venezuela 50% of the customer base also bank online
-
BBVA restructures its business to adapt to open banking, delivering a digital platform of services that matches fintech competitors
BBVA has developed a banking platform that enables customers to have extensive controls of their cards through their online dashboard. Customers can also deactivate a card instantly if they believe it to be lost or stolen and reactivate it once or if they find it again. This is a service that is more synonymous with fintech providers. Some currency exchange providers have been offering this functionality for a while such as Revolut. When managing your international money transfer card via the app, you can cancel or reinstate a card. This is also something that more financial providers are looking to roll out, as providers start to platform to do so. BBVA’s app also enables payment, using your card by mobile. A truly omni-digital solution (where there is no human interaction) well suited for the millennial audience.
To further its offering, BBVA has been carrying out testing of blockchain and how it can services its customers transactions better. In 2017, it tested sending money abroad between Europe and South America, using Ripple’s blockchain solution. Since then, it has also been working with other cryptocurrencies such as Ethereum and Hyperledger. Despite the misguided tweet from an ex-employee at the end of last year, BBVA stands resolute that it continues to test the potential to offer better services to its customers through blockchain technology.
