Digital Transformation Consulting

BBVA faced niche challenges in transforming its long-established banking operations to meet the demands of modern, digital-first customers. Specifically, they struggled with rapidly onboarding new clients in a highly competitive environment, requiring a streamlined, efficient process that could verify identities swiftly and detect fraud in real time. Traditional onboarding methods, which took days to complete, hindered customer experience and growth.

To address these issues, BBVA partnered with Accenture to develop a comprehensive digital sales model leveraging advanced cloud, data, and AI technologies. They implemented AI-based facial recognition and text analytics within their client onboarding process, enabling applicants to verify their identities via a mobile app in just minutes. The new system also incorporated real-time data connections to external sources, significantly enhancing fraud detection capabilities. This tailored solution not only accelerated onboarding times but also improved security and reduced operational costs.

The results were substantial and quantifiable. BBVA achieved almost 50 million digital interactions with customers, with seven out of ten sales originating through digital channels. The improved onboarding process contributed to a 117% growth in new customers over five years, including 11.1 million new clients in 2023 alone. Additionally, BBVA saw a 100% increase in digital sales over four years, with the successful expansion into new markets like Italy, where the bank attracted over 450,000 new customers since launching its fully digital value proposition. This reinvention resulted in a best-in-class cost-to-income ratio of 41.7% and reinforced BBVA’s position as a digitally advanced, customer-centric bank.