BBVA Introduces Digital Retail Banking in Italy

BBVA Group, a leading Spanish financial services provider, has announced the launch of a 100% digital offering in Italy. BBVA is debuting a fully digital retail banking infrastructure in the country.

The concept of digital banking is getting popular among users around the world. BBVA mentioned that 38 million of the Group’s clients interact with the bank through digital channels. Additionally, 62% of the users interact with the bank through the mobile app.

Italy is one of the largest economies in Europe. The country is a Hub Hub A hub as its name suggests describes the center of activity or a focal point. In terms of finance, the term hub can refer to Hub and Spoke Trading or a liquidity hub. However, the terms are not interchangeable, but they do overlap. Hub and Spoke trading refer to a network that posts bids and offers for an asset and therefore creates a real market. For example, Hub and Spoke trading allow traders to see the other submissions and offers from other traders on the platform. This is a popular method A hub as its name suggests describes the center of activity or a focal point. In terms of finance, the term hub can refer to Hub and Spoke Trading or a liquidity hub. However, the terms are not interchangeable, but they do overlap. Hub and Spoke trading refer to a network that posts bids and offers for an asset and therefore creates a real market. For example, Hub and Spoke trading allow traders to see the other submissions and offers from other traders on the platform. This is a popular method Read this Term to some of the leading financial firms in the region. The latest introduction of a 100% digital retail banking approach will make the entire banking process easier for the users.

“Our value proposition aims to bring together the product offering and strength of a traditional bank with the customer experience of a digital player. We want to bring the best of both worlds to Italy: a universal digital bank,” said Onur Genç, BBVA's CEO.

In November 2020, BBVA agreed to sell its US subsidiary to PNC in a cash deal worth $11.6 billion.

BBVA’s Presence in Italy

BBVA has a strong presence in Italy. The bank has been present in Italy for more than 30 years through its wholesale banking business. “BBVA arrived in Italy with the goal of being the ‘Zero Commission Everyday Mobile Bank’ of reference for our customers, with a commission-free mobile banking experience, with tools that help to save and control expenses from the app in a convenient and simple way, and with financing products geared towards everyday needs, available at the click of a button and with very simple and competitive prices,” said Javier Lipuzcoa, BBVA's Head of digital banking in Italy.

In February 2021, BBVA announced that the bank is planning to support emerging financial technology companies. The Spanish financial services provider allocated $150 million to facilitate fintech venture fund propel.