Q: BBVA has set ambitious growth targets for 2024, what role does digitization play in achieving them?
A: Digitization plays a crucial role in helping BBVA achieve its ambitious growth targets for 2024. With our strong focus on reaching more customers efficiently, we consider scale as a competitive advantage in the banking industry. Combined with our digital capabilities, we have seen a significant increase in our customer base. In fact, nearly 2.5 million people became BBVA customers through digital channels in 2020, marking a 56% jump from the previous year.
Our digital transformation has not only contributed to organic client growth, but has also opened up growth opportunities in high-value areas such as SMEs, private banking, multi-country companies, as well as payment and insurance products.
Q: When you talk about third-party channels, do you mean commercial agreements or embedding your services in third-party platforms?
A: Both. BBVA is expanding its positioning through strategic alliances and service integrations leveraging ‘open banking’ capabilities. We have increased our agreements with new partners fivefold over the last two years and are reaching new segments and audiences through third-party channels.
Our partnerships with Uber and other companies have led to innovative solutions, expanding our customer base and reaching new markets.
“The needs of our customers force us to constantly innovate our digital proposal”
Q: Payments is one the most valuable verticals where BBVA is going to focus, but this seems to be an area with a lot of competition and new players…
A: Payments will be a key growth area for BBVA, with card sales and POS sales already showing significant growth. Our global approach to payment solutions, such as Aqua and Openpay, positions us to be more competitive and grow our business in this demanding environment.
Q: What’s your opinion on the success of the ‘buy now, pay later’ formula. Do you have any plans in this area?
R: BBVA aims to be a leading bank in the ‘buy now, pay later’ business, leveraging our experience in consumer finance and payment methods. We are developing internal solutions to offer flexible products with digital contracting processes, real-time response, and strategic agreements with large retailers.
