Focusing on digitalization has helped BBVA achieve both an increase in revenues, through rapid growth in their customer base, and greater savings, through leaner operations
Key facts
- BBVA¹ is a diversified Spanish banking group operating in retail banking, asset management, private banking and wholesale banking.
- Founded in 1857, BBVA is currently among the 50 biggest banks worldwide (by assets under management) and has an employee base of 138,000.
- BBVA’s revenues have been growing at a CAGR of 9.3% since 2012, increasing from €13.3 billion to €17.0 billion in the year to September 2015, with net profits of €2.4 billion.
Uniqueness
- BBVA is focused on providing its customers with a new, enhanced customer experience with the help of knowledge-driven personalization and communication in clear, concise language.
- The bank has been recognized as a digital leader, setting up a big-data technology platform and fully re-engineered processes, promoting a change-driven culture and developing a leaner organization.
- BBVA is striving to become the best knowledge-based bank, using data analytics to develop customer insights and meet their needs.
Value
- BBVA is ranked number one in customer satisfaction in Spain, both in mobile and online banking.
- Active digital customers grew from 5 million in December 2011 to more than 13.3 million in mid-2015; active mobile technology users increased from 0.3 million to over 6.7 million over the same period.
- BBVA achieved an 8% reduction in costs, saving €340 million, for its corporate center in Spain. Its digital platform has enabled it to increase the transactions it process, from 90 million a day in 2006 to 250 a day in 2013.
Approach
- BBVA started building the technological platform that underpins its ability to capture, store and process data as early as 2007. Since then, it has doubled its systems investments from €1.2 billion to €2.4 billion in 2013. Focused on attracting the right digital talent, BBVA Invested €40 million a year in the selection and training of its workforce. It has also built an e-learning platform that has delivered 3 million hours of courses.
- It has bundled digital banking services into the “Digital Banking Area” accelerating BBVA’s digital transformation.
- BBVA Venture’s €100 million fund and its M&A strategy focused on FinTech companies has helped the bank accelerate its digital transformation process.
Footnote
Sources: BBVA; WEF / Accenture Analysis
BBVA is one of more than 100 case studies identified as part of the World Economic Forum’s Digital Transformation of Industries initiative. An overview of the DTI program can be found here.