BBVA’s e-Relation Process for Enrolling Corporate Customers

FACTS

• BBVA’s BtoB prospective customers will be able to open an account from their computer.

• The Spanish institution unveils a full-digital onboarding channel for business customers. The account opening process only requires 10 minutes.
• By way of making it easier to identify these new customers, BBVA asks for an administrator’s digital certificate issued by Spain’s National Mint and Stamp Factory.
• The process also involves digital signing software.
• In order to drive potential customers to this new , BBVA applies attractive terms to their digital account opening procedure. They will not charge fees on account holding, card payments, euro-denominated check issuance, or transfers in euros.

KEY FIGURES

• Full-digital account opening process for individual customers since 2016
• More than 30% of new customers onboard through this channel
• More than 90% of BBVA corporate customers already rely on digital channels to carry out banking operations

CHALLENGES

• Spreading the digital transformation. After having focused on the BtoC segment, the processes of which have already moved on to a full-digital approach, BBVA starts applying the digital transformation to banking services for BtoB customers. They now feature a full-digital onboarding procedure for prospective corporate customers.
• Highlighting an industry first. BBVA is the first bank in Spain proposing a full-digital enrolment procedure for business customers.
• Completing their strategy. BBVA reminds that this new subscription channel for businesses sees the day a year after they decided to apply their digital transformation to this segment.

MARKET PERSPECTIVE

• BBVA stands out as a reference through their focus on digital transformation in the banking sector. They pioneered in this field and hit success as early as in 2017.
• They mostly focused on individual customers until they scaled up their ambitions in August this year.
• As their online strategy now aims for corporates, BBVA again gains a competitive edge based on digitising services.
• This initiative also confirms their intent to harmonise their services on a global level. All products and services they test end up being implemented globally.