How BBVA’s digital transformation led to 11M new customers
Reinventing Banking: Insights from Carlos Torres Vila
The Journey of BBVA's Digital Transformation
- Carlos Torres Vila discusses the pivotal moment in 2014 when BBVA created a digital unit, aiming for strategic change and transformation within the bank.
- The initial steps were small but scaled up across countries, leading to significant transformation in how BBVA operates.
- Mobile banking has become central to client relationships, with 80% of clients using mobile as their primary channel; this shift drives growth and customer engagement.
- In the past year, BBVA added over 11 million new clients, a substantial increase from less than 4 million in 2017, showcasing the effectiveness of their digital strategy.
- The focus on digital channels is not just for innovation's sake but aims to enhance performance and customer experience.
Challenges of Change in a Large Organization
- Carlos highlights the difficulties faced by large organizations like BBVA (120,000 employees across 30 countries), emphasizing that change requires daily effort and commitment.
- He stresses the importance of embedding change as a core value to combat resistance and maintain momentum towards innovation.
- Bringing in new talent early on was crucial for driving change while preserving traditional knowledge within the organization.
Sustainability as a Business Opportunity
- Carlos views sustainability as humanity's biggest challenge and an opportunity for banks to assist clients in decarbonizing their businesses for risk management purposes.
- He emphasizes that leaders must have vision, conviction, courage for bold decisions, patience, and resilience to successfully navigate continuous reinvention.
Conclusion
- The discussion wraps up with appreciation for Carlos’s insights into leadership during transformative times. His experiences serve as valuable lessons for other leaders embarking on similar journeys.