Amazon: Future Showcase for BBVA Products?
FACTS
- As 2020 starts, BBVA comes up with more projects for marketing banking products and achieving their innovative ambitions. They now bet on a Web giant: Amazon.
- BBVA strengthened their partnership with the Spanish gourmet restaurant El Celler de Can Roca. They have been working together since 2013 on campaigns building on their brands to common concerns such as sustainable development.
- Goal: take part in selling handmade and culinary products on Amazon’s platform.
- This partnership feeds the institution’s ambitions as they also look into marketing their banking products via Amazon.
KEY FIGURES
- 5% revenue from El Celler de Can Roca sales injected back in sustainable development projects
- 60% of BBVA financial products already sold online
CHALLENGES
- Try and test, then apply. BBVA’s commitment to assisting the restaurant would first enable them to test the platform’s commercial features and, later on, make changes to sell financial services. BBVA is aware that this distribution vector will be requiring adjustments to fit their products: they first focus on gaining skills through selling non-financial products.
- Expanding e-commerce opportunities. BBVA already applied online channels to selling financial products: they now look into new markets with Amazon to try and match new use cases.
- Stressing their commitments. Their plan to sell products from El Celler de Can Roca also highlights their focus on sustainable development.
MARKET PERSPECTIVE
- This partnership between BBVA and El Celler de Can Roca dates back from 2013. They share similar values: innovation, international expansion and sustainability. These values are again put to the fore as they team up with Amazon.
- Besides its focus on sustainable development, BBVA’s new project is also meant to reshape the group's sales model applied to financial services. This model had already been reconsidered in partnership with Fintonic, for instance, and when they rolled out API Market. Alongside Fintonic, BBVA tested selling offers on a third-party platform. And their API Market provides other industry players with APIs so they could feature financial services for their customers, too. These different approaches enable BBVA to experiment tomorrow’s distribution channels and business models.