In March 2015, Banco Bilbao Vizcaya Argentaria (BBVA) chairman and CEO Francisco González predicted that to compete in the new digital ecosystem, “BBVA will be a software company in the future.” Since then it has invested in building a team of more than 1,500 digital transformation professionals, dedicated to developing technological solutions for customers.
This investment now appears to be paying off. Forrester Research has recently published the 2017 Global Mobile Banking Benchmark, naming BBVA as the best mobile banking service in the world. Their app scored 87 out of 100 – the highest score ever.
It cites several reasons for BBVA taking the top honour, primarily down to the rate of improvement shown over the three last years, and its unsurpassed level of functionality.
- Highest number of money-movement functions to perform transactions
- A mobile on-boarding service that allows customers and prospects to open a BBVA account via their smartphone
- Omni-channel integration like ‘login call’ which allows a mobile user to talk to an agent without separate identification and verification and can offer contextualised services as they know exactly where the customer is navigating in the app
- Comparison tools such as the pension plan comparison tool automatically adjust search criteria based on client profile
- Value added functionality such as Valora calculate optimum prices to rent, buy or sell a home
What is the secret of BBVA’s success?
- Laser focus on getting on getting the core hygiene factors right. Easy and secure access combined with a simple and intuitive interface to carry out the most popular tasks.
- Contextualised and personalised guidance to reduce points of friction when customers encounter problems or require help.
- Seamless orchestration of processes over time and across channels, with the mobile app acting as the hub to manage on-boarding and fulfilment.
- Extending their share of voice of the overall customer journey by providing value added apps beyond traditional transaction banking and meeting customer needs – e.g. the Valora app for renting, buying or selling homes.
This leadership position is starting to positively impact BBVA’s bottom line, as they now boast a base of 14 million mobile banking customers; a 41% year-on-year increase. They now quote that mobile banking accounts for 61% of digital sales in the Spanish market.
The wider market
In the latest mobile benchmark report, it’s encouraging to see a wider global distribution among the top 20 ranked banks. The trend among these organisations is the ability to push beyond mere improvements to the digital front end and the user experience of the app.
The market leaders are driving functional improvements to mobile banking apps:
- Using fact-based insights, gained by integrating data from all touch points to better understand customer behaviour and intent
- Employing multi-genre analytical techniques, like machine learning, to create smarter value-added functionality such as assistants, prompts or alerts
- Utilising an iterative test-and-learn approach with Agile working methods
- Tracking usage patterns at a granular level over time to better quantify the impact of enhancements
As banks realise that they can no longer compete based solely on price or product features, next generation mobile banking features are set to become a key weapon in the fight for the hearts, minds and wallets of customers.
Andrew Johnston – Product Owner of Connected Data, Analytic Solutions at Think Big Analytics, A Teradata Company