January-March 2013
Main highlights
- BBVA Compass continues to expand to new markets. New loan production offices were opened in the first quarter in Tampa (Florida) and Chicago (Illinois).
- Between January and March 2013, BBVA Compass successfully completed and according to plan the migration of debit cards and consumer loans to the new computer platform (Alnova).
- Celent, an international consulting group specializing in information technology for the financial services industry, granted the “Model Bank of the Year Award” to BBVA Compass for the implementation of its new core technology platform.
- In its development of alternative distribution channels and new technologies, BBVA Compass launched new mobile banking functions in the first quarter of 2013 that will enable its customers to deposit checks by simply taking a picture with their smartphone. The franchise’s commitment to new technologies has been recognized by American Banker magazine, which has included the mobile banking applications developed by BBVA Compass on the list of the 10 top apps for smartphones. Currently, 85% of customer interactions take place through digital channels and online sales have increased 20% in the last year.
- In February 2013, BBVA Compass launched a new NBA-branded online checking and savings account that allows the bank to serve customers beyond its seven-state footprint. Key aspects of this account include:
- It is the first new product developed through the new core platform, which allows the bank to launch wholly digital banking products.
- The accounts can be opened and managed online , even through the bank’s smartphone applications. Customers are thus able to make transactions without ever having to visit the branch.
- Customers can use the charge-free nationwide Allpoint ATM network.
- Lastly, the bank has announced the creation of BBVA Ventures. This company will invest USD 100 million as part of a strategic initiative aimed at establishing relationships with start-ups and venture capital funds focused on transforming the financial services industry through technology and emerging business models.
