Spanish-based financial service provider BBVA Group has rolled out its digital retail banking infrastructure in Italy.
Digital banking is increasingly getting popular with users all over the world. According to BBVA, about 38% of its clients interact with the bank via digital channels. Also, more than 62% of the users relate with the bank through the mobile app.
BBVA Starts European Expansion With Italy
While BBVA is based in Spain, the company is making its first attempt to expand to other European countries. Italy is the first place it wants to start, but there are plans to expand to other countries in the future.
Genç stated that the company is making its first expansion in Italy because there are high market potentials in the country as one of the largest European economies.
He added that as a digital bank, it won’t have physical branches, and there is no need for the users to sit in an office. However, it will be providing a 24/7 human interface for users.
Zero-Commission Service
As one of the largest banking groups in Europe, BBVA wants to expand its operations in Italy. The company said it is bringing 100% digital banking to the country, which is also one of the largest economies in Europe.
The offering will have zero emissions, and be characterized by the competitiveness of the services offered.
Chief Executive Officer of BBVA, Onur Genç commented on the development. He stated that the company will be combing the experience of customers with the solidity of a traditional bank to improve the digital banking experience in the country.
“Italy is a large market, in the midst of one deep digital transformation,” he said, adding that card payment and mobile banking have doubled over the past year. Genc stated that the Italian market is a highly competitive one, so it will be traditionally difficult to have the level of presence the bank wants. But he thinks the bank has something unique to offer.
The new card does not have a number or CVV and it’s generated through the app whenever the customer makes a purchase.
