BBVA API Market
BBVA is collaborating with one of the most valuable channels of innovation: universities and business schools. These are the seedbeds that produce the people with the necessary tools, knowledge and training to create innovative business models and successful initiatives that will set the trends in coming years.
One of the most important contributions has been the one that has been carried out with ESADE Business School through the Innovation Summit. This event involves different companies, leaders in their respective sectors, with many challenges for students. Each challenge has 3 multidisciplinary teams formed by between 4 and 5 people from the Fulltime MBA and Executive MBA. During the development of the solutions to the challenges, participants use the tools learned during the master to generate conceptual ideas, prototypes, market research, and finally, a proposed solution which becomes the company’s intellectual property.
BBVA participated in this event through a lecture that covered the latest trends as regards the financial sector. The bank also launched a challenge in which students are challenged to develop a strategy that manages to attract developer communities to the bank’s environment and, more specifically, the Open Innovation area. Thus, the participants in this challenge developed theories that were used to better understand the functioning of communities of developers, items and activities that are attractive and the current image that they have of BBVA.
This produced a variety of highly-attractive initiatives designed to make developers change their concept of the bank and took into account making use of the opportunities BBVA offers to these communities. There was talk of competitions, providing them with a meeting place (community) and presenting them with attractive challenges that encourage participation.
You can learn more about this initiative in this video.
Startups and existing companies in the process of digitization need a new set of digital tools to help them transform their businesses and get more in tune with their customers' needs. If possible, they should develop frictionless systems that do not create barriers to entry for the business, as occurs with some banking solutions.
Taking a customer through the entire buying process until it is formalized is an arduous journey and one that faces the constant possibility of the customer leaving. However, there are ways to make the buying decision happen if you are given facilities such as agile, secure financing.
Open banking is transforming the banking business as we know it, and the mortgage market was not going to be left out. Mortgages are the main business of many banks, which is why many of them are seeking to adapt their marketing to this new reality.