BBVA’s app shows account activity from other banks
BBVA’s mobile banking app will start showing products the bank’s customers have selected from different financial service providers, becoming the first banking app in Spain to do so.
(In the UK, Barclays has recently become the first bank to allow customers to bring their other current accounts into its mobile banking app.)
BBVA’s app shows account activity from other banks
The information will be included in Bconomy, BBVA’s tool that examines the income and spending of users to provide an analysis of their finances, which was launched last year.
BBVA first opened its app to accounts and cards from other financial service providers earlier this year. Starting today (24 September 2018), they can also add investment funds, pension plans, deposits, securities and mortgage and consumer finance products.
Customers need only to click on the tab “your other banks” to verify and download products, which are then included in Bconomy.
The new feature currently allows to check balance and movements of all products grouped together in the app. However, the bank says that in 2019, “regulation will create the right framework to add the possibility of operating between different products within the BBVA app itself”.
The regulation establishes that banks must give access to payment account information to payment service providers registered with the Bank of Spain, including banks, if so authorised by customers.
The bank plans to allow customers to select and configure only the products they want to see, access the planned movements of the products contracted with others and have sociodemographic comparisons within the Bconomy tool.
Last month, BBVA’s venture capital (VC) investment unit Propel led a $9 million funding round on Steady, a US-based income-building platform for the build-your-own (BYO) workforce.
