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Customer focus

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BBVA’s commitment to its customers means creating more value for them, engaging with them and working to deliver them benefits. Against the current backdrop of high risk premiums and liquidity problems, credit access is an increasingly thorny issue. Since 2008, BBVA has promoted and intensified the aid program to help struggling customers with their loan payments, especially in Spain. BBVA’s aim is to provide help for customers who are hit hard by the crisis and allow thousands of families and SMEs to hold onto their homes and businesses. There are several solutions underway, but BBVA is well aware of the serious problems that are suffocating thousands of families in Spain and is determined to alleviate this situation by proposing new solutions. BBVA is studying bringing new products to the solutions that are already underway, not only focusing on helping customers with difficulties, but also those who need funding to continue with their investments.

Individual customer satisfaction levels (on a scale of 1-7) (1)

FRS (Inmark Group) Percentage
2011 2010 2009
Spain 5.31 5.27 5.22
Mexico n.a 5.91 n.a
Argentina (1) 5.74 5.6 5.53
Colombia n.a 5.45 n.a
Chile n.a 5.7 n.a
Peru n.a 5.78 5.75
Venezuela 5.57 n.a 5.41
Note = n.a. = not available. The study was not undertaken this year. (1) Data from KNACK study (Scale of 1-10 changed to scale of 1-7). The data from previous years has been changed in accordance with the results of this study. Scope: BBVA Group

BBVA is aware of the loss of confidence in the sector, and is consequently working to make it easier for customers to make better financial decisions on two fronts:

1. Financial literacy through the “Plan Global de Educación Financiera 2008-2012” (Global Financial Literacy Plan 2008-2012).

2. Simplicity in the product range: communication, processes and contracting of products and services. One of the attributes of simplicity is transparent, clear, responsible (TCR) communication in all points of contact and relations with the customer.

General Transparent, Clear and Responsible (TCR) communication guidelines were established, which will result in local actions. These include:

  • As part of the BBVA Transparente project in Chile, the goals for 2012 include reinforcing the TCR communication framework and improving documentation on the website, allowing the digital sharing of information with customers on this site. This will make response times even shorter for the customer. The checking account charges structure will also be changed to make it simpler and more user-friendly.
  • Through the “Hablemos claro y sencillo” (Let's speak clearly and simply) initiative, BBVA Continental in Peru seeks to change the customer opinion that bank contracts are confusing and prove to supervisory bodies, such as the Superintendence of Banks and Insurance (SBS) and Indecopi, that it is committed to improving communication with the customer. The overall objective is to change the way our contracts are currently worded, using simple, user-friendly and comprehensive language and streamlining the contract procedure without losing sight of legal security. In August 2011, the contract revision and amendment process commenced, bearing in mind the specific nature of each of them. Identical clauses were also established for certain aspects that apply to every contract. The first stage of the project included revision of contracts under the regulatory framework Transparency of information for customers in the Financial System (mainly targeted at individuals) which require approval from the SBS. These contracts are currently being approved by the SBS. The aim of the second stage, in 2012, is to revise oher contracts, this time for companies.
  • In Spain and Portugal we are involved in two special projects:

1. Making the general procurement process for the most common products for individuals more user-friendly, which apart from simplifying wording also avoids endless signing (so-called Framework Contract). This project is being implemented in 295 branches for the time being (this number will be increased in 2012).

2. The complete review of every finance contract for consumers and businesses. With the specific group in mind, as well as simplifying wording other improvements include standardizing clauses, deleting clauses that are open to interpretation and including additional information that clearly explains the product or service conditions to the customer. We aim to implement this project by 2012.

BBVA also places emphasis on maximum responsibility across the whole value chain. The value chain goes from the development of products and services and carries through to their advertising and maintenance.

In Mexico, BBVA Bancomer pressed on with the “Paga bien. Paga menos” (Pay well, Pay less) program which rewards customers for responsible credit card payment. In 2011, the number of customers who joined this program totaled 1,058,185 and 19% of customers already participating in the program saw a drop in their interest rates.

In Colombia the “Vivienda sin límites” (Limitless Housing) campaign was launched in 2011. This BBVA initiative seeks to promote access to home loans with special actions in an easy and straightforward manner. With this initiative we achieved payments in excess of $5,000 million.

In Spain, as well as providing welfare support following the Lorca earthquake, BBVA gave those affected down payments on subsidies and compensation, interest-free and with special conditions. Tailored solutions were also designed for all affected customers that adapt their repayments to their new capacity to pay, by using grace periods, payment postponements and longer payment terms. BBVA Seguros also moved a team of people to its Lorca branches to help those affected process the damage compensation payments for their homes from the Insurance Settlement Consortium.

In the United States, BBVA Compass is asking customers applying for their first mortgage to complete an on-line “Own Your Own Home” course by the Federal Deposit Insurance Corporation (FDIC) as part of the “Money Smart’s” program.

This course provides valuable experience on the home buying process and helps determine whether the individual is ready to take this step. In 2011, 488 customers who bought their first home complete this training.


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