BBVA Compass Financial Tools for mobile devices is already available in online banking to help customers track spending and manage budgets. Customers are also encouraged to add external accounts to get an accurate and complete picture of their financial health.
“We know customers are using our mobile app to manage their finances and financial health,” said Alex Carriles, Head of Online and Mobile Banking at BBVA Compass. “Since controlled spending and budgeting are key to long-term financial health, it’s important for us to have tools that help them complete these important tasks on the platform they prefer most.”
BBVA Mobile App
BBVA on Wednesday launched a new mobile banking application, Mobile 9.0. The global company made several key mistakes: it localized the app for each country in which it operates and added more detailed information about transactions. It also sends notifications to customers when they overdraw an account and offers them lower-cost alternatives such as a credit card or short-term personal loan.
Javier Rodriguez Soler, CEO of BBVA USA in Birmingham, Alabama, and Manolo Moure, head of retail customer solutions, gave American Banker a detailed look at the new app, discussing the philosophy behind it and sharing where it fits into the application Five-Year Plan Soler created for BBVA USA, the $100 billion U.S. unit of Banco Bilbao Vizcaya Argentaria in Spain.
BBVA Compass Financial tools are provided in coordination with MX, the leader in actionable financial data. Tools currently available to customers in the mobile space include:
Spending: Customers can view percentages of their spending for each transaction category. When they tap on a section, they can see how much they spent in each category.
Budgets: a chart showing customers’ monthly budget. Budget categories change colour from green to yellow and red when the customer exceeds set spending limits. The visual approach is designed to quickly communicate targeted spending and progress on the monthly budget.
Accounts: Allows customers to link and manage their external financial accounts so they can easily view their entire financial life in one place. Customers can link everything from checking, savings and money markets to investments, credit cards, insurance, real estate and more from virtually any financial institution.
“It’s true that we’re constantly adding features to our mobile app, releasing them almost every month,” Carriles said. “But it’s not just about functionality for functionality’s sake. We’re adding tools that our customers have told us they want and need to manage their financial lives.”
About BBVA Group
BBVA (NYSE: BBVA) is a customer-focused global financial services group founded in 1857. The Group has a strong leadership position in the Spanish market, is the largest financial institution in Mexico and has leading franchises in South America and the Sunbelt region from the United States; It is also the leading shareholder of Garanti, Turkey’s largest bank for market capitalization. The diversified business focuses on high-growth markets and relies on technology as a key sustainable competitive advantage. Corporate responsibility is at the core of its business model. BBVA promotes financial education and inclusion and supports scientific research and culture. It operates with the highest integrity, a long-term vision and applies best practices. For more information about BBVA Group, visit bbva.com.
About BBVA Compass
BBVA Compass is a Sunbelt-based financial institution that operates 645 branches, including 332 in Texas, 89 in Alabama, 63 in Arizona, 61 in California, 45 in Florida, 37 in Colorado and 18 in New Mexico. BBVA Compass ranks among the top 25 U.S. commercial banks by deposit market share and is among the largest banks in Alabama (2nd), Texas (4th) and Arizona (6th). BBVA Compass has been recognized by the Small Business Administration (SBA) as one of the nation’s leading small business lenders, ranking 6th nationwide in total SBA loans originated in fiscal year 2017. For more information on BBVA Compass, visit www.bbvacompass .com. For more BBVA Compass news, follow @BBVACompassNews on Twitter, visit newsroom.bbvacompass.com or visit bbva.com.
Better navigation: the new main navigation bar allows you to quickly access the most frequently used features from all major areas of the app from the bottom of most screens. Plus, as you navigate through your accounts, the new quick action bars let you manage your accounts and customize features with fewer taps.
Other features include:
- Financial tools to track your expenses and create budgets.
- Save time paying bills by setting up AutoPay
- Deposit controls with easy, fast and convenient Mobile Deposit®**.
- Sign up to receive alerts when we detect suspicious activity on your debit card
- Apply for new BBVA accounts in minutes directly from the mobile banking app