What we can learn from BBVA about value-adding desktop tools
The volume of updates that UK incumbents made to their mobile apps outstrip desktop updates, however, with so many providers placing less focus on the development of desktop channels, there is an opportunity for brands to get ahead of the game and really stand out.
In our 2017 Mobile and Desktop Banking Monitors, the increased rate of incumbents improving their mobile apps, over their websites, perhaps wasn’t surprising given the digital disruption from mobile-only challengers, which have incorporated innovative PFM tools such as spending categorisation and analysis into their apps.
While most of UK incumbents’ secure desktop sites have remained relatively similar and unchanged over the last few quarters, providers elsewhere in Europe have made some major improvements. Spanish BBVA offers a standout online secure site platform, providing great UX that allows users to locate and use its online functionality seamlessly. But, what really separates BBVA from other providers is the vast range of PFM tools that it offers on the My Panel page of its site. The tool offers monthly expenditure analysis, savings goals, expected monthly savings, a facility to compare spending to customers of a similar demographic and most notably, a section called Bconomy that provides customers with a ‘Financial Health Score’, based on the analysis of a customer’s income, debt and expenses.
From this score, BBVA makes personalised recommendations to customers of how to save more effectively and better distribute their money. For example, after the Mapa fieldworker’s account was analysed it recommended that the customer’s income should be distributed to 50% fixed income, 30% variable income and 20% savings. From this recommendation, customers can choose a plan to help them budget and achieve these distributions.
Overall, BBVA differentiates itself by diverting away from a product-centric approach toward a more personalised customer-centric approach, which few other providers are currently doing. Another example of this is its Valora service, which allows customers to calculate the estimated price of a property they’re looking to rent or buy, and assess whether they can afford it.
Using customer’s data to get a more rounded picture of a customer’s financial life, BBVA is able to offer personalised suggestions to help them save money. This approach provides a more engaging digital experience than many other providers currently offer. People do not want to have to adjust their financial life to suit a banking product, the products should be flexible and tailored to them. This is an approach BBVA is taking and other providers should evolve their offerings around similar principles to meet the demands of modern banking and changing consumer expectations.