BBVA registers steep rise in customers using digital financial health tools
BBVA has seen a steep increase in the number of customers using its digital financial health tools.
With November 2021’s data, BBVA customers using its digital financial health tools now exceed 10.6 million. This is the equivalent of a 54% increase in relation to the almost 7 million customers that used these features a year ago, according to the data made public by the bank.
Across countries, the biggest increase was recorded in Mexico, where customers using financial health tools increased from 1.4 to 3.3 million in one year, a 126% increase following the launch of the personal financial management (PFM) tool. In Spain, the increase was close to 20%, surpassing 2.2 million users in November 2020 to reach almost 2.8 million this year. Another highlight was the increase of more than 10% in Turkey, where 3.5 million customers now use the financial health tools, compared with 3.1 million a year earlier.
This set of tools makes up different digital journeys that provide personalized and proactive advice to customers (and sometimes to non-customers as well) through alerts, automated rules, and recommendations tailored to their particular point in life or personal situation. They range from simple issues such as controlling daily income and expenses or saving for unforeseen events, to more complex ones such as debt management or advice on savings and investment products to plan for the future.
Between January and November 2021, BBVA sold a total of 1.4 million financial products via digital channels in Spain. Of these, around 172,000 sales were made from the bank’s financial health tools, representing 12% of the total amount.
By segment and in the same period, 36% of the new national investment funds arranged by BBVA Spain came from the personalized digital advice tool BBVA Invest. This service allows, through a simple suitability test, to determine, based on the customer’s knowledge, experience, financial situation and investment objectives, their risk profile for the investment to be made. Depending on the results of the test, it recommends the investment fund that best suits their risk profile from a selection of funds managed by BBVA Asset Management.