In 2013, the United States continued its focus on completing the transformation process toward a customer-centric organization and thus on laying the foundations for future growth.
The main highlight of the year is the successful completion of the final phase of the transformation process of the franchise, which ended with the migration of credit cards, consumer loans and mortgages to the new Alnova platform.
With the migration completed, BBVA Compass turned its attention to designing a differentiated range of products and services adapted to the needs of each segment, with the aim of providing greater added value to its customers. It has launched a new digital NBA-themed deposit that allows customers to open an account online. A number of enhancements have also been added for mobile banking customers, which is the fastest-growing customer segment. BBVA Compass has rolled out a redesigned online platform which provides access to a broader array of services and information presented in a much more consumer-friendly format.
BBVA Compass also continued to build its brand awareness with actions such as the construction of the BBVA Compass Tower, the first high-rise to go up in Houston’s Galleria area in 30 years. The new building has an open workspace design instead of offices and cubicles to encourage collaboration. Bluetooth and Wi-Fi-enabled phones let employees work in a large number of different environments. The Tower has received the LEED Gold certification, a global recognition granted to environmentally friendly buildings made with sustainable materials. Teleconferencing technology and a variety of meeting spaces also reduce the need for employees to travel, thus minimizing the Bank’s carbon footprint. Also worth noting is the launch of a new advertising campaign to promote the brand in the United States, called “The Anywhere Banking”, which has been designed to showcase the Bank’s range of operations with distinguishing features that combine simplicity with flawless execution.
The organic expansion of BBVA Compass continued in 2013. Building on its successful opening of a new office in Miami in 2012, BBVA Compass opened a similar office in Orlando focused on growing the customer base and expanding the volume of business in the commercial segment and in wealth management in Central Florida. Additionally, a loan origination office was opened in Tampa. BBVA Compass also expanded its SME banking capabilities with the addition of an experienced team located in Cleveland, Ohio, specializing in financial leases for machinery and equipment.
With regards to the distribution model, the bank continues to improve its remote distribution capabilities. In 2013, BBVA Compass launched a new online banking website that has been redesigned to offer customers a more friendly, visual experience, as well as access to a broader range of information and services. As a result, the percentage of active Internet users has increased from 44% in 2012 to 50% at the end of 2013.
BBVA Compass also continued to expand its mobile banking capabilities, with the number of active customers increasing by 69% in 2013. Worth mentioning is the addition of the services Pay People with Popmoney to its apps for iPhone and Android, through which customers can send money anywhere in the United States by simply using the payee’s e-mail address or cell-phone number. It has also developed Mobile Deposit for SMEs, which enables users to make deposits by simply taking a picture of their checks with their smartphones. The Bank’s app for Android has also been upgraded to include Picture Bill Pay (previously available for iPhone only) for paying bills, also by taking a picture of the printed bills.
Lastly, as part of the omni-channel strategy of the Group and the franchise, BBVA Compass began testing a new drive-thru technology in Houston that provides customers with access to a customer service representative via a built-in screen, without leaving their vehicle.
Now that the transformation process has been completed, in 2014 the focus will clearly be on customers. The actions planned are:
- Improve customer satisfaction levels and staff productivity.
- With the completion of the new core operating system, BBVA Compass will focus on providing solutions in the following areas:
- Creation of a differential digital value proposition, which it started with the NBA and ClearConnect deposit products.
- Continuing to build its distribution channels and synchronize real-time delivery in all of its channels: branches, online banking (through the use of apps), mobile banking, drive-thru, etc.
- Growth will continue to be boosted. The expansion of loan origination branches in strategic U.S. markets is expected to continue in 2014, as regulatory approval has been received for opening offices in Charlotte and Raleigh (North Carolina), Nashville (Tennessee), San Francisco (California) and Seattle (Washington). Teams in these markets will concentrate on strategic sectors such as healthcare and public finance.
- Lastly, in 2012 and 2013, BBVA Compass participated in the Federal Reserve Board’s Capital Plan Review. Starting in 2014, BBVA Compass will participate in the Comprehensive Capital Analysis and Review for large banks. In addition to submitting a capital plan, BBVA Compass will be subject to its own stress tests and an annual supervisory stress test conducted by the Federal Reserve Board.
