In 2013, the Retail Banking & Wealth Management divisions of BBVA Compass were combined into a single unit. This new area posted strong results over the year thanks to the significant growth of its loan portfolio, due to an increase in residential real-estate loans. Customer funds have also grown, above all lower-cost items.
Retail Banking & Wealth Management has played a key role in developing the most innovative and interactive technology. The first new product launched using the Bank’s new technology system and under the new platform was an NBA-branded online account known as NBA Banking. It was presented at the NBA All-Star game in Houston. The NBA current and savings accounts are the first wholly digital banking products of BBVA Compass. They allow the Bank to expand beyond its retail geographic footprint while capitalizing on its role as the official bank of the NBA. NBA Banking also allows users to display their favorite NBA team logo on the accompanying debit card, view game scores and headlines via the account interface, and check schedules and scores via mobile devices. It also adds a layer of gamification, giving customers the chance to earn NBA merchandise by processing transactions online. This new product has been very successfu, as a large number of accounts were opened during the year.
Four new current account products have also been launched, incorporating feedback from both customers and employees to improve on the value and variety of the Bank’s deposits. These accounts are part of a comprehensive redesign of this product aimed at offering straightforward and transparent banking options. Shortly after the launch of these new accounts, BBVA Compass also developed a new premium current account and three new savings options. Like the accounts noted previously, these have been designed with the customer’s specific banking habits in mind.
Lastly, Business Mobility Bundle was presented in the third quarter of 2013, designed to provide micro-businesses everything they need to manage their finances on the go. The new bundle includes an e-business current account, online and mobile banking features and a retailer Mobility Pack® with a secured card reader for processing debit and credit card payments.
