Life’s a brag in BBVA’s digital dominion
BBVA has begun the year in a bumptious mood as it reveals that 50% of its customers are now using its digital channels.
With the confidence and swagger of a Texan oil baron, the bank – which to its credit enjoyed a lively 2018 – says it has reached “global digital tipping point”.
Damn… I’m good
In November, the bank states that 26.4 million digital customers were interacting with it through mobile devices, PCs and tablets, up from 22.2 million a year earlier.
BBVA’s global head of client solutions, Derek White, says: “Despite having known this milestone was coming for a while, it is a tremendous validation of our transformation strategy and for our colleagues to have reached it.”
The bank cites three main areas where it has been doing well – biometrics, artificial intelligence (AI) and blockchain.
In the latter sector, it certainly was a busy bunny last year.
Developments included a synthetic securitisation of €1 billion, and closing the “first” acquisition term loan using the technology.
Prior to that, BBVA and Santander got involved in the European Commission’s planned launch of the International Association for Trusted Blockchain Applications (IATBA) next year.
In addition, BBVA delivered the first syndicated loan on the technology; and joined a pilot test for improved issuing of warrants.
Going further back, the bank notes that in October 2017 in Spain it passed the 50% digital tipping point. In fact, six of BBVA’s ten core countries have also now passed this tipping point, with the US, Turkey, Argentina, Colombia and Venezuela over the threshold.
Another notable event from 2018 was the appointment of a new CEO in November. The bank hired Onur Genç to take the place of Carlos Torres Vila who served as CEO since May 2015.
