BBVA opens its application to the products of its clients in other entities

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BBVA opens its application to the products of its clients in other entities




The entity hopes that from its platform it can also be operated in 2019 with other banks



  BBVA has taken the first step in Spanish banking so that its customers can add the products they have contracted with other financial entities by integrating all the information in their application through Bconomy. This is the tool that currently analyzes the income and expenses of the bank's users, who may also authorize the entity to transfer their data to other firms to achieve an integral management of their assets.

   

       Through its mobile application, the BBVA customer will be able to transfer all the data related to the accounts and cards that it has in other banks, as well as investment funds, pension plans, deposits, securities, mortgages or personal loans. For now, insurance will not be available. This tool will be able to contact 74 entities, including those in which the customer has payment cards such as those of supermarkets, airlines or hypermarkets, for example.

   

     In addition, during the next year, BBVA intends that its customers can not only obtain joint information from all their financial positions but that they can operate among the different products they have from the bank's application. That is, without having to go to each financial 'app' to order a transfer or reject a receipt, among other usual operations that are made with the mobile. This project will be a reality when the PSD2 regulation on payment services is completely developed in 2019. This regulation obliges the bank to provide other firms with the data of the users that authorize it.

   

     From the entity remember that they have developed the tool complying with all the necessary protocols to ensure the security and confidentiality of their customers' data when making this aggregation of information. In addition, at the time in which the user wishes, you can unsubscribe this merger of data from your other entities without leaving any trace in the application.

   

     As a result of the pilot tests carried out by the entity chaired by Francisco González in recent months, the fact arises that between 20% and 30% of its clients hold positions in other banks. In addition, these analyzes show that 80% of users are interested in adding all the information together and that one in five adds at least two or more entities to the application.

   

     By taking into account all the positions of a client, BBVA's Bconomy tool allows an X-ray of your financial health adjusted to your current situation and allows you to make better decisions about your expenses and investments.

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