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No matter what your bank is, BBVA will allow you to use its app

It is no secret to anyone that in recent months banking applications have become a great ally for the consumer and BBVA knows it.

Digital banking experienced an unexpected boost in the midst of the pandemic and never seen before, which for the brands in the sector became a unique opportunity to provide the necessary and, until recently, a slow transition process.

Increasingly digital consumer habits and interests have naturally accelerated this migration.

According to estimates provided by Americas Market Intelligence, in Latin America 55 percent of the region’s inhabitants already have a bank account and more than half of them already carry out online banking transactions.

To a large extent, this has to do with the penetration of smartphones in the region, which is currently at 70 percent.

In this way, “banks have never had such a palpable opportunity, as now, to take advantage of the mobile channel to serve a chronically underserved population in response to financial services”, states an extract from a study carried out by Americas Market Intelligence.

In this sense, the late inclusion of the financial sector in the digital world has become one of the great development engines of the fintech industry, which, pushed by small companies or startups, threatens to put at risk during the following years, 25 percent of the business of traditional entities, where the most affected areas will be consumer banking, means of payment and services related to asset and wealth management, according to PwC projections.

With a view to winning over its rivals in the middle of this process, BBVA has just made an announcement that could be an aggressive strategy to add more customers to its digital service.

And it is that the Spanish institution has just announced that it will open the use of its application for both iOS and Android to clients of others so that they can use it regardless of whether they do not have an account in the aforementioned bank.

Thus, the interested parties will be able to use the platform of the bank and its services to, among other things, check their balance, their movements and carry out some operations such as payments (once their accounts from other banking entities are added). Additionally, they will be able to access the banking tools offered in this service.

This possibility, for now, seems to be available only for the Spanish market, it aims to expand the customer and user base by making available to customers some functions and services available in its app.

In a statement, the director of Open Market at BBVA Spain, Leyre Baltza, said that although this decision represents a technological challenge, it is a firm commitment to break down barriers and improve the inclusion of people in online banking.

Although for now it is not known if this strategy could reach the Mexican market, the truth is that if it happens it could be a true blow for BBVA’s rivals in Mexico, a country in which financial and banking applications seem to continue to grow.

According to a study signed by Liftoff called Finance Mobile Apps 2020, which reveals that the use of this type of apps in Mexico had a takeoff of 145 percent between 2017 and 2019, with a total of downloads that last year 81 million apps on iOS and Android.

Although fintechs grew 50 percent in monthly active users, compared to banks that had a 35 percent increase, it is important to note that the top 10 banking apps still have a higher average monthly active users than fintechs. .

Thus, according to data from App Annie, the 10 most used finance and banking applications in Mexico are:

  1. Mobile Bancomer
  2. Banamex Mobile
  3. Supermobile
  4. Banorte Mobile
  5. Samsung Pay
  6. BBVA Wallet
  7. Azteca Bank
  8. HSBC Mobile
  9. BBVA MX
  10. CFE With You

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