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BBVA’s Mobile-First Initiative Doubles Customer Use of Aggregation

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who they are

BBVA USA is among the top 25 largest U.S commercial banks based on deposit market share and operates 649 branches across Texas, Alabama, Arizona, California, Florida, Colorado, and New Mexico. Recognized as one of the leading small business lenders, BBVA is willing to serve customers in innovative ways that other banks won't.

  • Assets

    $90B+

  • Branches

    649

  • Headquarters

    Birmingham, AL

  • Founded

    1964

Challenge

BBVA knew it needed the right data engine in place to achieve its goal of increasing retention and loyalty. The bank wanted to accelerate the increase of mobile usage among its customer base.

Solution

In coordination with MX, the bank launched BBVA Financial Tools, allowing customers to see the percentages of their spending as it pertains to each transaction category. Budget categories change color from green to yellow to red as the client exceeds set spending limits.

Increased loyalty and retention

accelerate mobile growth

Better customer tools

Easy All-in-One Finances

Financial Tools also allows customers to link and manage their external financial accounts so they can easily view their full financial life in one place—linking everything from checking, savings and money markets to investments, credit cards, insurance, and property from virtually any financial institution.

As part of those financial tools, BBVA knew aggregation would be valuable for the simple reason that it would enable users to see all their accounts in one place, giving them less of a reason to sign into competitors’ digital banking portals.

“Because controlled spending and budgeting are key to long term financial health, it’s important for us to have tools that help our customers do these important tasks in the platform they most prefer,”

Results

Within five months of the mobile launch of the MX tools, the average monthly number of new users aggregating in its mobile banking app jumped by 101%.

As a baseline, for the year prior to implementing MX in their mobile app, BBVA had seen no material increase in the number of new users aggregating external accounts.

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“By bringing everything under one roof, the aggregation engine powered by MX has allowed our mobile customers to take control of their full financial lives from their smartphone. We’re excited about these upward trends of adoption and are pleased with having chosen MX as our financial management tool.”

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