“We wish to go from being infrastructure suppliers to providing recommendation,” the CEO mentioned. In his opinion, this goal must be achieved with a worth proposition, with neutral, customized and proactive recommendation in a multichannel supply that unites the very best of each worlds: digital and bodily relationship fashions.
The CEO defined that the acceleration towards the digital mannequin has monumental implications in buyer conduct and the best way of producing invaluable interactions with them. Nonetheless, on this context of rising digitization, “branches shall be key to providing this recommendation, complemented by the digital supply,” mentioned Onur Genç. Due to this fact, brokers are important to raised understanding and anticipating buyer wants and providing the suitable options at a given time.
In his opinion, information and their evaluation are essential to offering actually vital customized experiences. BBVA is already designing digital journeys in its app for various segments, which give customized and proactive recommendation for its prospects, comparable to alerts, automated guidelines and customized suggestions.
This “neutral, customized and proactive recommendation” has a direct impression on buyer satisfaction and loyalty, Onur Genç burdened. In Spain, for instance, those that use the monetary well being options have a greater degree of satisfaction. Actually, the Web Promoter Rating (NPS) is 39 % greater, which is the best way BBVA measures buyer satisfaction. As well as, in line with a survey revealed by Kantar in November, BBVA is the chief in its potential to handle and enhance monetary well being in Spain, making it one of many banks residents belief probably the most. Moreover, the shopper churn charge falls 38% % amongst those that use these monetary well being options.
BBVA’s digital journey
BBVA started its digital transformation a few years in the past. Onur Genç summarized the financial institution’s digital journey in 4 phases, that are interrelated. First, BBVA began with servicing, comparable to sending cash from one account to a different on digital channels. Second, the financial institution accelerated its digital gross sales, and now, within the first 9 months of 2021, seven out of ten gross sales happen digitally within the Group.
With the aim of standing out from the competitors, BBVA is arriving on the third section of its digital transformation: growing its buyer base. At the moment, new prospects acquired on digital channels characterize roughly 40 % of all new prospects. The fourth section is digitizing recommendation, which is the place the best added worth resides. “The true problem lies in these two phases of the method: attracting prospects and digitizing recommendation.”
Digital rivals, a supply of expertise and partnerships
Requested about digital rivals becoming a member of the banking enterprise, BBVA’s CEO was satisfied that this competitors is constructive. On this regard, he burdened that the new rivals are additionally digitizing monetary recommendation, to allow them to attain all segments of the worth chain. He additionally acknowledged that there’s a lot of expertise and concepts within the fintech world that BBVA welcomes.
Nonetheless, he feels that there are specific issues these corporations can not simply replicate just like the buyer base in addition to the confidence they’ve in monetary establishments. From their standpoint, with a view to compete with new digital actors, banks should reap the benefits of their key property: folks and information. “Our strategy to new digital gamers is one in all collaboration, studying and partnership,” he mentioned.
Onur Genç additionally emphasised that new digital rivals supply nice alternatives to contribute to the monetary trade’s transformation. “At BBVA, for a number of years now, we now have been an energetic actor on this ecosystem by means of open innovation and likewise by collaborating in fintech startups’ capital,” he mentioned.
Due to this fact, on the one hand, BBVA makes direct investments like Atom within the U.Ok. and Solaris in Europe. And on the opposite, it invests in fintech corporations by means of enterprise capital automobiles like Propel and Sinovation. BBVA has additionally partnered with massive tech corporations like Uber in Mexico or Xiaomi in Spain, with an in depth buyer base that enables the financial institution to accumulate new prospects within the open market. Lastly, BBVA aspires to be the financial institution of the businesses of the longer term – these which are shaping large adjustments like decarbonization.
Onur Genç famous that decarbonization of the planet “is a formidable problem.” On this regard, he underscored the basic function that banks play to assist purchasers within the transition towards a extra sustainable future. “We’ve a possibility right here to advise them of their journey towards decarbonization.” To ensure that this to be doable, their belief is essential and right here, “information and expertise are two highly effective instruments,” he mentioned. That is one thing that BBVA is already doing. For instance, BBVA was a pioneer in 2020 by serving to corporations calculate their carbon footprint, and it lately turned the primary financial institution in Spain to supply this calculation to particular person prospects.
