Amidst some major reformations, Spain-based banking group Banco Bilbao Vizcaya Argentaria (BBVA) has launched a new Digital Banking unit that will oversee its corporate venturing activity.
BBVA hopes that creating the unit will enable it to accelerate the growth and expansion of new digital businesses. The bank’s corporate venturing arm, has previously invested in both startups focusing on internal development and in the acquisition of companies with pioneering disruptive technologies that can potentially transform the financial services industry.
BBVA chairman Francisco González said: “The new structure will be an important factor in converting an efficient and profitable analogue bank into a digital knowledge-services business. After setting up the platforms, which are the foundations of our digital project, we can now accelerate the creation of new products and services for 21st century customers.”
One of the main functions of the Digital Banking unit will be to lead the digital transformation of all the bank’s overseas businesses. As a result it will be in “charge of all commercial offerings, the multi-channel strategy, the distribution model and the design of commercial and operational processes”
Presently, the bank’s digital banking portfolio comprises of Wizzo, an internal development project that allow speeds up payments between individuals and reduces the individual’s reliance on an ATM card. BBVA has also recently acquired Simple, a US-based digital banking company that allows individuals to spend smarter and save more.
Carlos Torres Vila, former head of strategy and CFO of utility Endesa, will be leading the Digital Banking unit. He will be reporting to Ángel Cano, who takes over from Manuel Gonzalez Cid as the bank’s new CFO.
“Customers are changing the way they relate to their banks and BBVA is anticipating this change,” said Cano. “The new structure will allow us to respond better to today’s customers and to those of tomorrow.”