Research / Analysis
In order to understand how to better serve our customer, we need to look at some of the competitors who are currently disrupting the market with their offerings.
Major banks were also researched but did not have as many different features from BBVA for this target market.
Researched Companies
N26
European digital bank with no hidden fees, subscription discounts, and goal based savings.
Revolut
UK digital bank built for easy analytics and international currency movements.
Chime
US digital bank with no fees, overdraw support, digital payments, and early direct deposit.
Up
Australian digital bank with easy application, savings, and money organization.
General Findings
Digitally Minded
The most obvious trend (because they are branchless banks) is that these competitors all start with a digital first experience. The goal is to get your account set up fast and have you engage with it immediately.
Similar Product Offerings
Most of the competitors are creating the same product offering with slight variations.
• Early Direct Deposit
• Limited to No Fees
• Savings Goals
• Person to Person Payments
• Spending Category Visibility
• Express Account Opening
Fun
Fun isn't usually a financial tool, but almost all of these competitors talk casually about finance and encourage users to interact with savings goals and friends, which creates social and fun activities.
Analysis
Speed Matters
We lack the intuitive speed of account opening. Our process is longer and more detailed. If we can find ways to cut through the obstacles and create an almost instant opening, we can gather more customers. Remove as many friction points from origination as possible.
Keep it Real
We have one thing that none of the digital competitors have... a network of bank branches to reassure our customers that they have the institution of BBVA behind them at all moments. Creating a seamless omni-channel experience is a key differentiator that no one can replicate.
"Yes And"
We need to bring people in with the features they can find elsewhere. The strength we have is our wide product variety once a customer is interested. We can supply them with all their financial needs without needing multiple banks.
Priority List
Plenty of Opportunities
We are set up in many ways to service customers conveniently as we currently are. Despite that, we have a lot of areas that can become stronger. Below is a high level list of possible features and upgrades with a perceived priority for each.
Simplified Digital Account Originations
App Download
Feature Onboarding
Quicker P2P Payments
No-Call Product Reservation Codes
Savings Goals
Remote Help
Cash Deposits
