BBVA API Market
Financial inclusion remains a real challenge in today’s society. Although, great steps have been taken in recent years to improve banking penetration and improve people’s financial literacy, the truth is that there is still quite a long way to go.
Today, traditional banking and fintechs are looking for ways to make it easier for people to have more and better access to banking products and services. One of the first initiatives consists in opening online accounts whose features can be fully enjoyed over the Internet or a cell phone. An increasingly consolidated option to which open banking and the arrival of banking APIs have given the final boost.
Currently, you no longer need to go to a branch to open a bank account. In-person account opening has been replaced by online applications, mobile apps and other digital media. These platforms allow you to open a bank account with the same legal guarantees as if you did it in person.
In these cases, customers identify themselves with other means for which it is not even necessary to provide or submit any documentation. Fingerprinting, face ID and other biometric elements are enough. Sometimes a simple video call is made to certify the identity of the individual opening the account.
One of the first initiatives of this new reality is the collaboration between Uber and BBVA in Mexico. The motivation behind this partnership was clear, as a very high percentage of Uber’s driver partners and delivery partners (around 40%) had no banking product, account or credit card.
A percentage similar to the rest of Mexico’s population, since, according to the National Financial Inclusion Survey by the Mexican Institute of Statistics and Geography, in 2018 32% of the population over 18 had no link to a bank. In fact, for most of the company’s workers, their first contact with the financial world and bank cards happened when they joined the platform.
This situation led Uber and BBVA to redesign their drivers’ user experience to meet this need. This was the starting point for a new feature within the Uber app itself that is fully integrated with BBVA’s financial services through banking APIs. In just four steps, drivers can register within the platform and have a fully operational account through their Socio Conductor card.
From then on, driver partners can perform a number of transactions related to their banking entity, such as requesting the funds that Uber owes them for providing their services when they finish their journeys, reviewing their balance and processing other financial transactions.
The two platforms are completely integrated, so that no driver will need access to BBVA applications to carry out all their banking arrangements.
An application that has been well received among the collaborating partners of the American company. The figures speak for themselves: about 95% of its users would recommend it to other drivers and delivery people, and Uber has already seen a significant increase in the number of hours worked by cardholders.
In some sectors, especially those less banked, the option of providing quick, direct and immediate access to bank accounts can be interesting and bring added value for employees. For example, workers can access their accounts on the same platform from where they perform the rest of operations.
As in the case of Uber and BBVA, this kind of integrated feature offers, more than a product, a complete and exclusive experience for employees. Through a platform, you can open a bank account, view all your activity, enjoy a series of bonuses on certain purchases or even request payment for services provided when necessary. In addition, they will even have a co-branded card linked to this digital account with which to make and finance their purchases.
This possibility is also available for your company’s whole environment. So, if you need to register an account and your customer or provider does not already have it, you no longer need to go to a branch or access the bank’s website or app to complete the process, as you can do so from your platform with just a few clicks.
All this is possible thanks to APIs such as BBVA Accounts, whereby you can integrate all bank account operations into your own platform, from opening a bank account, after validation by BBVA, to checking balances and activity to keeping track of your financial situation. Also, your company will be able to issue a loyalty card linked to that account, to which you can associate other loyalty plans, and you will have the support and solvency of the BBVA brand, one of the leading entities in open banking.
These APIs allow your employees to manage their money directly from the app itself via their cell phones. A simple, fast and economical way to bring your employees to the world of banking, while they also enjoy all the advantages offered by open banking.
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Many industries view "appification" as one of the most important drivers of technological innovation in coming years. In open banking, this advantage opens the door to previously unexplored territory, even outside traditional banking.