BBVA: Everything you need to know about Mexico’s leading online bank

BBVA

BBVA: Everything you need to know about Mexico’s leading online bank. Source: depositphotos.com

In the fourth quarter of 2020, there were over 56 million users of online banking in Mexico, which is almost half of its total population (43%). Although digital banking is an integral part of the national financial systems these days, it is not as versatile in Mexico as in the rest of the Latin American countries.

BBVA Bancomer is not only the largest banking institution in Mexico, dominating about 20% of the market, but also has the most popular mobile app in terms of both downloads and active user numbers.

The bank’s “Digital Account” does not charge commission for opening or management. To obtain the account, it will be necessary to sign up at the BBVA web portal or use the BBVA Mexico app. Its netbanking possibilities are numerous.

You can:

  • Check balances and transactions on your accounts;
  • Pay your credit cards and utility bills;
  • Pay your taxes;
  • Generate unique codes to make cash withdrawals without a card at any BBVA ATM;
  • Invest in stocks and funds;
  • Take part in the loyalty program;
  • Get personalised credit offers;
  • Make transfers between BBVA accounts or other banks.

With BBVA Invest, customers get an innovative and personalised digital advice experience and online access to investment fund portfolios based on their investment goals and risk tolerance assessment. By filling out a simple questionnaire, customers define their investment goals and preferences, their risk tolerance, current financial situation, as well as their background knowledge and experience in investments. The bank then generates an investment portfolio proposal. Portfolios are made up of mutual funds that invest in a wide selection of global assets.

BBVA also has a special set of “financial health” tools available via its online and mobile platforms. In 2021, the number of Mexican customers using those tools increased from 1.4 to 3.3 million – a 126% increase in one year. Across the BBVA Group, the interactions of the bank’s customers with these tools have increased by 73%, from 11 million in November 2020 to 19 million a year later.

Features that help BBVA customers to maintain their financial health include the personal financial management (PFM) tool, alerts, automated rules, and recommendations tailored to one’s individual budget habits and financial situation. The recommendations concern various issues including maintaining the balance between daily income and expenses, saving for unforeseen events, managing debt management, choosing proper savings and investment products, and planning for the future.

The BBVA mobile app offers easy-to-understand spend forecasts that are grouped per budget category and a section dedicated to sustainability, which includes a large portfolio of sustainable products such as loans, mortgages, cards, and investments as well as actionable advice to drive sustainable behaviours. It also allows using the voice command to make transfers, pay for services or manage credit card bills.

With the new credit card interest simulator, clients can better understand their credit options, predict the approximate interest amount and the general amount they’re going to pay monthly. The app also has a QR-code facility to make and receive payments without disclosing your bank account details or using payment terminals.

The banking app for corporate clients BBVA Empresas helps business owners to manage their accounts online, obtain an instant cash advance and other corporate loans, control daily and monthly operating income and commission paid, charge clients with the QR-code facility, and more.

BBVA netbanking offers corporate use also including virtual mail where you can view and download payment receipts and other documents related to charges, deposits or taxes; detailed information about transactions carried out with both physical and virtual business terminals; online management of company cards; details on renting, leasing contracts and insurance payments.

BBVA is also the first bank in Mexico to use artificial intelligence integrated with WhatsApp’s technology for its virtual assistant. It can be used by both customers and non-customers, answering questions about a branch or ATM location, account fees and terms, opening an account, and giving suggestions on how to use the bank’s digital services.

The chatbot can process data in both text and voice, making it more convenient to use even on the go. The use of artificial intelligence means BBVA’s virtual assistant can understand and learn about customer requirements and queries, which will allow it to expand its capabilities as the project develops.

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