BBVA has announced their Open Talent competition which is dubbed as the world’s largest fintech competition; the competition is in its tenth year and will focus on banking, data, money management and financial decision-making; the winner will take home $186,000 and finalists will take part in an immersion week which will show them how to work with a big corporate, become a customer of the bank and more. Source.
BBVA has launched a new D-Loan which links a decline in the interest rate if the borrower reaches certain digital...
Lend Academy interviews the CEO of BBVA’s new SME online lending initiative called Trustu; Vinacua discusses their innovation centers, how they interact with startups, why they decided to launch a platform, the social underwriting component of the underwriting and more. Source
Digital banking startup Simple has had an up and down ride the last few years; they were bought by BBVA...
BBVA has announced a partnership with Amazon; the partnership is first focused on selling physical products but it’s clear that...
BBVA thinks it has solved the issue of making the customer experience more efficient but still secure; the bank has...
Spanish bank CEO Carlos Torres Vila of BBVA spoke at the IESE 12th Banking Industry Meeting yesterday and explained how banks will need to adapt to stay competitive; BBVA has acquired cloud computing, invested in digital banks, built out artificial intelligence and improved their mobile banking experience in recent years; these changes are meant to address customer needs and position the bank for the future; he also believes banks need to adapt management structures to be more modular, which will also bring more innovative talent and facilitate better communication. Source
A new study from Juniper Research notes that digital banking users will increase to 3.6 billion by 2024, a 54%...
The digital push at BBVA has helped the company to a 20 percent rise in profits; the changes have helped the company to lower costs while boosting profits; “The strength of recurring revenues and the improvement in efficiency show that we are advancing decisively in our transformation strategy,” said Francisco González, the group’s executive group chairman to the Financial Times. “2017 was a good year and 2018 will be an even better one.” Source.
Spanish bank BBVA has reported $90 million in goodwill impairment charges related to its acquisition of digital bank Simple; the acquisition has caused many analysts to question the valuation metrics for digital banks; BBVA acquired Simple in 2014 for $117 million which was $1,100 per customer; a similar digital bank sale of BankMobile is currently being priced at approximately $50 per customer; despite the impairment charges for BBVA, the bank has reported success from its acquisition with continued investment in Simple helping to increase its workforce to 350 employees. Source