📋 Tender Overview
BBVA has announced the creation of BBVA Technology, a new company that is to gather the experience and talent of the Group's three tech firms: BBVA Next Technologies, BBVA IT España, and Datio. The new company will have a more strategic focus while offering more career development opportunities for the bank’s tech teams.
With offices in Madrid, Barcelona and Bilbao, BBVA Technology will start operations next year with some 3,000 employees from the three previous BBVA firms. Current CEO Ricardo Jurado will be CEO of the new company once the integration process has concluded.
BBVA Technology's main focus will be on software development transformation, one of the strategic priorities of BBVA Engineering for the coming years.
The new company will consolidate the teams' technical expertise, with access to new career development opportunities and professional growth, while concentrating the company’s processes into a single model. In fact, the evolution towards a single brand intends to foster the attraction of new talent and the creation of a new value proposition, aiming to reinforce satisfaction and loyalty of current teams.
"I believe banking will soon become very different from how we know it today"
IBM Institute for Business Value interviews Carmela Gómez on the opportunity that embedded finance brings to banks, digital platforms and consumers. The Global Head of Open Banking at BBVA states that embedded finance means a joint transformation of the entire ecosystem, both financial and non-financial, and that for its development to materialize, "we must look at the way in which our customers rely on interacting with financial services within their digital experiences. I believe banking will soon become very different from how we know it today, that’s why we need to fund this transformation now."
Financial institutions are increasingly investing in the ‘platform economy.’ 20 percent of them already offer embedded finance solutions to bring financial services to consumers leveraging these digital environments. In addition, 70 percent of bank executives say that embedded finance is critical to their business strategy or supports it in key ways. To succeed, banks must address challenges such as monolithic processes within the banking organizations themselves, as well as privacy and cybersecurity across broader ecosystems. These are some of the insights from the report ‘Embedded finance: Creating the everywhere, everyday bank,’ produced by IBM Institute for Business Value (IBM IBV) in collaboration with BIAN and Red Hat, after surveying 1,000 financial managers and 12,000 financial services consumers in 12 countries.
Within the context of the report, Paolo Sironi, Global Research Leader in Banking and Financial Markets at IBM IBV, interviewed 22 international experts in embedded finance on the opportunity that this offers to banks, their partners and their customers. One of them is Carmela Gómez, Global Head of Open Banking at BBVA, a bank that was among the pioneers in the implementation of ‘open banking’ solutions to enable financial services on digital platforms.
“Embedded finance empowers us to attract a broader market and provide convenient access to financial products where the customer needs it and when the customer needs it,” she stated. “Our partners often choose to collaborate with BBVA because they recognize our strengths and the trust we instill in users when it comes to secure payments and opening accounts.” Unlike smaller competitors, which focus on offering a few services in uncharted waters, “as a dominant player, we now have a unique opportunity to leverage our existing suite of value-added in-house services and adopt a long-term strategy aimed at integrating a broad range of financial products and solutions.”
