CIOReview
CIOREVIEW >> Big Data >>

BBVA USA Collaborates with Google to Offer Digital Bank Accounts

By CIOReview | Friday, August 14, 2020

BBVA will offer interested consumers with digital bank accounts through Google Pay.

FREMONT, CA: The customers will benefit from Google's ability to build excellent customer experiences, BBVA capitalizes on its innovative capabilities. BBVA's Open Platform initiative underscores the bank's readiness for collaboration with tech companies of all sizes.

BBVA USA declared that it is collaborating with Google to offer consumers a digital bank account through Google Pay, continuing its focus on innovation in the financial industry.

This collaboration highlights BBVA's strategy to continue organically growing the bank throughout the U.S., even as it deepens its transformation and capitalizes on the innovations that have changed the way it does business.

"When we launched our new 5-year strategic plan in January, we said that two key pillars were to reach more customers with our digital offerings and use our expertise in finance, digital and innovation to help them improve their financial health," says BBVA USA President and CEO Javier Rodr¬guez Soler. "This collaboration with Google is fully aligned with this effort - even more so in today's world where the ability to conduct your financial life in a digital manner, from account opening to transacting to understanding financial health, is an imperative."

Launched in 2021, the co-branded, FDIC-insurance's digital account will be provided via Google Pay and built on top of the bank's existing infrastructure. Google will offer front-end, financial insights, and intuitive user experiences.

"Google is excited to work with BBVA USA in enabling a digital experience that is equitable for all and meets the evolving needs of a new generation of customers," says Felix Lin, vice president of Payments Ecosystems at Google. "We believe that we can use our technology expertise to benefit users, banks and the entire financial ecosystem."

For BBVA, the merging was made possible thanks to its decades-long focus on digital transformation and innovation, specifically its open banking initiative, BBVA Open Platform, that enables the bank and its partners to acquire and engage customers embedding financial products that create powerful consumer value propositions. BBVA Open Platform is a comprehensive development platform that provides a suite of banking and payment services in the U.S. backed by a global financial institution.

"BBVA has focused for decades on how it could use digital to advance the financial industry, and in so doing, create more and better opportunities for customers to manage their financial health," Rodr¬guez Soler stated. "Collaborations with companies like Google represent the future of banking. Consumers end up the true winners when finance and big tech work together for their benefit."