Spain’s BBVA is looking to be more than a bank and operate as an engine of opportunities for its customers. Speaking this morning at FinTech event, South Summit, in Madrid, CEO Carlos Torres Vila said: “We are living in transformative times in which the arrival of new technologies is creating new opportunities everywhere and BBVA wants to be there to be the best bank for its customers. In just over three years, technology has caused customers to make unprecedented behavioral changes. They increasingly expect to be able to interact with their bank using mobile phones.”

He argued that, unlike other traditional banks, BBVA employs a model used by startups in which customer experience and technology (and not monetization) are the priority when developing solutions. “This model allows us to create amazing, solutions that are so convenient and simple that they end up transforming customers’ lives.”

Torres Vila flagged up Big Data, blockchain technology and artificial intelligence as technological developments capable of changing the banking business. He added that BBVA’s strategy revolves around the following priorities: It is working on a new customer relations model based on convenient and simple solutions and making use of Big Data and AI to offer each customer a personalised value proposition; Digital sales and products; New digital businesses and income sources; Internal incubator The Foundry; Strategic partnerships with FinTech players; Digital M&A and direct investments; Venture capital; and making services available to FinTechs through open APIs that allow them to build their developments in an agile manner, backed by the bank in terms of scalability, risk, compliance and processing).

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by Scott Thompson
Scott is Senior Editor at IBS Intelligence. You can follow him on Twitter and contact him at: