According to the World Bank’s Global Findex report, Spain is at the forefront of the world when it comes to banking penetration, as 92% of the Spanish population has a checking account, well above the global average, which is 69%. This situation has intensified as a result of the COVID-19 crisis, as, according to data from the Bank of Spain, the balance in demand deposits of Spanish citizens has grown by 7.4% since the pandemic began in Spain, back in February.
In these circumstances, digital accounts are gaining more and more followers, and open banking is the ideal technological solution that is driving their openness and consolidation. Some companies are, in fact, harnessing the full potential of banking APIs to integrate products directly within their platforms, allowing employees to open their digital accounts without having to go to a branch office and even without leaving the actual app.
Advantages of your own digital account for your employees
Opening a digital account is just one of the multiple options provided by APIs, although it may be one of the most demanded and widely used products by the general public. Currently, any TPPS (third party providers) can implement a financial solution integrated into your company’s management platform, whether it’s an ERP, a website, or any management application used by employees that allows them to carry out their transactions without leaving your application.
Here are some of its main advantages:
Opening a bank account without paperwork and without going through a branch
For many people, opening a bank account is a tedious process. It involves having to physically go to a bank branch with all the necessary documentation to identify the customer and sign the contractual information.
However, in the case of digital accounts, the procedure is much simpler. By simply providing certain basic information and contact details, employees can take out a digital account from the app itself in a few minutes once it is validated by the bank.
Increased security and convenience in customer identification
Being able to use biometric identification elements eliminates the need to scan documents or send all the information required to identify the user by regular mail, as was traditionally the case.
All this results in greater convenience, although without losing sight of the security and privacy of customers, since the PSD2 Directive obliges developers to use two-factor authentication (2FA) to ensure that the customer is who they claim to be and accept that third parties outside the banking business (TPPs) access their data.
A unique experience for your employees
Opening and operating a digital account from the company’s platform (app, website, ERP, etc.) is a unique user experience for employees. From the digital banking app, any worker can carry out all banking operations in an agile, fast and simple way: check your balance, issue and receive transfers, make any payment or request a debit or credit card, among many others.
Banking management is added to the rest of the platform’s utilities, integrating additional functionality to those already developed, and with the same look & feel. The company, in turn, manages to gain incentives to attract new workers to use its platform and join its company and the commitment of those who are already working, since this possibility generates added value compared to the rest of companies in the competition. Through their platform, they will be able to create the account and access a larger network of ATMs, although they will need to download the bank app to perform the entire operation.
Adapted to the needs of each employee
No one knows the needs of its employees like a company, especially economically and financially. Digital accounts allow employees to use banking services tailored to their needs and linked to their digital account, provided their profile is validated by the bank.
The company’s brand is always present
Banking APIs enable you to offer a digital account that is integrated at all times with your platform. Thus, your employees can perform their banking transactions without ever losing sight of your brand. The more time they spend in front of the application, the more time it will be present, and the higher the level of loyalty and commitment to your company.
In addition, in most cases, employees will receive a debit or credit card with their company’s brand (a cobranded card, branded by the company and the bank providing the services), so that it is always present even when the employee makes payments or finances their purchases.
BBVA’s API Accounts
The opening of banking infrastructure has allowed any programmer to develop an application through which, any user can enter their bank details – always with their consent – and thus access different services. Among other things, this allows the digital account to integrate into any company’s platform in a standardized format defined by the specifications provided by APIs.
One of them is the BBVA Accounts API. This enables any company to develop a solution to make it possible to open a digital account for its customers, employees, or suppliers. This can all be done in a matter of minutes without leaving the application.
Moreover, you will reply on the constant support and solvency of the BBVA brand, which is one of the leading entities in Open Banking.
BBVA and Uber, a success story of banking integration on a third-party platform
The partnership between BBVA and Uber in Mexico is the first success story of integrating a financial product into a third-party platform through APIs. In just four steps and without leaving the app, any driver or delivery partner can sign up for the platform and have a fully operational account through their Driver Partner Debit Card.
From there, Uber employees will be able to carry out all their banking transactions, such as checking their balance, making transfers, or receiving the funds to perform their services. In this way, no driver will need to access BBVA applications to carry out all their banking transactions.