BBVA has a financial coach

The Spanish bank BBVA just presented an umpteenth financial tool for its customers. They will now be able to benefit from a digital coach to help them achieve personal goals. The whole thing is obviously doped to the latest technologies of Artificial Intelligence to promise ever more performance.

FACTS

• The new service offered to BBVA customers therefore takes the form of a financial coach integrated into its mobile banking application. Its promise is simple, that of allowing its users to better manage their money.

• This new digital coach integrates artificial intelligence to help its users make the right financial decisions. Technology is presented as capable of:
  • analyse the personal and financial situation of customers (by making a diagnosis of the level of customer debt and the level of savings),
  • defining objectives for improving their finances,
  • propose tailor-made plans, to be followed by steps to achieve objectives. These plans are tailored to each client's spending and saving habits. They reduce small, non-essential expenditures that accumulate on a daily basis or automate savings through recurring transfers or rounding.

• The financial coach is presented on the BBVA app homepage, but notifications can also be put in place to track progress or create useful reminders.

• Customers eventually earn badges when they pass certain stages.

• The financial coach is currently available for private customers in BBVA Spain, but the banking group will deploy it in the coming months to other countries.

ISSUES

• Filling a Need : According to a study by consulting firm JPMorgan Asset Management achieved On Financial Education Day, over 80% of Spanish savers and investors do not set financial targets. Only 17 to 18% say they have a concrete target for their savings or investment and develop a plan accordingly. Worse still, the Observerio Vividoras, a major study of women's fears and concerns in Spain, revealed that 84 per cent of women do not plan for retirement.

• Customize Approach : BBVA presents its new initiative as a means of providing more relevant automated support, depending on the actual situation of each user. More than quantified objectives, the recommendations made by the service adapt to each profile.

PERSPECTIVE

• The deployment of this new coach is fully integrated into the new generation banking application recently submitted by BBVA to develop the mobile experience of its customers.

• The Spanish bank is constantly working to change its offers and services, especially on the mobile channel. Recently too, it was on the subject of safety that BBVA distinguished itself in proposing its customers to activate a discreet mode on their application to avoid indiscreet looks and guarantee the security of account consultations in situations of mobility.

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