BBVA Compass accounts for 95% of the lending and 98% of the deposits under management in the United States. According to the latest available data from the Federal Deposit Insurance Corporation (FDIC) as of June 30, the bank was in 22nd place in the banking sector in the United States, 2nd in Alabama and 4th in Texas. In deposits it has gained market share in year-on-year terms, as this heading has grown more in the bank than in the sector as a whole, at 8.4% in BBVA Compass compared with 4.6% in the sector (June 2013 data).
BBVA Compass has launched the Business Mobility Bundle, a new solution targeted at micro-enterprises (companies with revenue of under USD 500,000) which offers them all they need to manage a variety of financial transactions through their mobile devices. With this product, the bank aims to meet the unique needs of this segment, which today operates through mobile devices and needs to make transactions anywhere.
BBVA Ventures, the BBVA Group’s project to invest in innovative financial services start-ups, headquartered in Silicon Valley, has invested in SumUp, a leading German company in the European market for credit-card payment via cell phones. The new investment is part of BBVA’s innovation strategy and puts the bank in a privileged position to head up the new technologies in payment channels for the self-employed and retailers.
A new on-line banking system was also launched during the quarter, with a more user-friendly navigation system that offers improved options for transfers, alerts and repayment systems.