Winner: BBVA Mexico
Demonstrating a continuous cutting-edge approach to banking, BBVA Mexico launching new products that are first-of-a-kind in the Mexican market.
It became the first bank in Mexico to take artificial intelligence out of the back office and provide it to customers, allowing them to use third party platforms and incorporating its own voice-based tool, Blue, into its mobile App. Blue allows customers to have a dialogue with their account to check balances, and make payments or withdraws.
Eduardo Osuna, BBVA Mexico’s CEO/Director General, said the new approach has “converted us from a traditional bank to a conversational bank.”
Blue is only one of a host of technological changes that has allowed BBVA Mexico keep its title as a pioneer in the country’s financial sector and help it earn the Bank of the Year in Mexico this year.
“One of the priorities of BBVA Mexico is technological development and digital innovation. This transformation strategy runs from infrastructure, to investment in tech companies, and collaboration with the ‘fintech’ and ‘bigtech’ ecosystem, which has made us the digital leader,” said Osuna.
The bank’s long process of digitalization can be seen in its numbers. As of June 2020, it had close to 11 million digital customers and another 10.2 million mobile users. Digital sales represent 65 percent of total sales.
While the numbers are impressive, Osuna said “there is room to grow and the bank is on the right path to achieve it.”
Technology is one of the bank’s six strategic priorities for this new era. Other priorities are the financial health of customers, profitable growth, operating excellence, building the best team and being a key part of customers’ transition to a sustainable future.
The priorities combine to also guarantee a healthy bottom line, with the BBVA Mexico expanding its reach during the 12 months ending in June 2020, despite the onset of the pandemic.
Total assets increased by 16.6 percent, while deposits were up by 11.6 percent and loans by 9 percent. Non-performing loans were down 6.6 percent in June compared to a year ago.
Loans were powered by the corporate sector, but individual credit was not too shabby given the context. Consumer loans increased by 4.3 percent compared to June 2019, while mortgages were up by 9.5 percent.
“Despite the context we found ourselves in this year, at BBVA Mexico it has been vitally important to guarantee a continuity of our business and we have done this by offering products and services that properly meet the needs of our customers,” said Osuna.