Now available in online banking, BBVA Compass Financial Tools for mobile devices helps customers track spending and manage budgets. Customers are also encouraged to add external accounts to get an accurate and complete picture of their financial health.
“With a steady increase in mobile penetration among our customer base year-over-year, we know that customers are using our mobile app to manage their finances and financial health,” said Alex Carriles, head of Mobile and Online Banking at BBVA Compass. “Because spending control and budgeting are key to long-term financial health, it’s important for us to have tools that help them perform these important tasks on the platform they prefer most.”
BBVA Mobile App
BBVA on Wednesday launched a new mobile banking app, Mobile 9.0. The global company included several key wrinkles: it localized the app for each country in which it operates and added more detailed transaction information. It will also send alerts to customers when they are about to overdraw accounts, as well as offer them less expensive alternatives such as a credit card or a short-term personal loan.
Javier Rodriguez Soler, managing director of BBVA USA in Birmingham, Alabama, and Manolo Moure, its director of retail customer solutions, gave American Banker a detailed look at the new app, discussed the philosophy behind it and shared where it fits into the five-year plan Soler has created for BBVA USA, the $100 billion-asset U.S. unit of Banco Bilbao Vizcaya Argentaria in Spain.
BBVA Compass financial tools are available in coordination with MX, a leader in actionable financial data. Tools currently available to customers on mobile devices include:
Spending: customers can see the percentages of their spending as it relates to each transaction category. If they tap on a section, they will see how much they spent in each category.
Budgets: a graph showing customers’ monthly budget. The budget categories change color from green to yellow to red if the customer exceeds the set spending limits. The visual approach is designed to quickly convey specific expenses and progress toward the monthly budget.
Accounts: This allows customers to link and manage their external financial accounts so they can easily view their entire financial life in one place. Customers can link everything from checking, savings and money market accounts to investments, credit cards, insurance, property and more from virtually any financial institution.
“It’s true that we’re constantly adding more functionality to our mobile app, with releases almost every month,” Carriles said. “But it’s not just functionality for functionality’s sake. We add tools that our customers have told us they want and need to manage their financial lives.”
About BBVA Group
BBVA (NYSE: BBVA) is a customer-focused global financial services group founded in 1857. The Group has a strong leadership position in the Spanish market, is the largest financial institution in Mexico, has leading franchises in South America and the U.S. Sunbelt Region, and is also the largest shareholder of Garanti, Turkey’s largest bank by market capitalization. Its diversified business focuses on high-growth markets and relies on technology as a key sustainable competitive advantage. Corporate responsibility is at the core of its business model. BBVA promotes financial education and inclusion and supports scientific research and culture. It operates with the highest integrity, a long-term vision and applies best practices. More information about the BBVA Group can be found at bbva.com.
About BBVA Compass
BBVA Compass is a Sunbelt-based financial institution that operates 645 branches, including 332 in Texas, 89 in Alabama, 63 in Arizona, 61 in California, 45 in Florida, 37 in Colorado and 18 in New Mexico. BBVA Compass is among the 25 largest commercial banks in the U.S. based on deposit market share and is among the largest banks in Alabama (second), Texas (fourth) and Arizona (sixth). BBVA Compass has been recognized as a top small business lender by the Small Business Administration (SBA) and ranked sixth nationally in the total number of SBA loans originated in the fiscal year 2017. Additional information about BBVA Compass can be found at www.bbvacompass .com. For more news about BBVA Compass, follow @BBVACompassNews on Twitter, visit newsroom.bbvacompass.com or visit bbva.com.
Improved navigation: The new main navigation bar allows you to quickly access the most frequently used functions from all key areas of the application easily from the bottom of most screens. In addition, when navigating through your accounts, new quick action bars allow you to manage your accounts and customize features in fewer taps.
Further functions are:
- Financial tools to follow your payments and to create budgets.
- Save time in the collection of payments, by setting up AutoPay
- Control payments with the easy, quick and user-friendly Mobile Deposit®**.
- Please contact us in order to receive information on how to maintain your debit card if we are able to provide you with a real activity on your debit card.
- Get new BBVA accounts in just a few minutes directly through the mobile banking app.