{"id":5441,"date":"2017-11-11T14:09:05","date_gmt":"2017-11-11T14:09:05","guid":{"rendered":"https:\/\/insights.invyo.io\/europe\/?p=5441"},"modified":"2019-07-30T14:34:31","modified_gmt":"2019-07-30T14:34:31","slug":"bbva-innovates-just-like-a-fintech-start-up-at-larger-scale","status":"publish","type":"post","link":"https:\/\/insights.invyo.io\/europe\/analyses\/bbva-innovates-just-like-a-fintech-start-up-at-larger-scale\/","title":{"rendered":"BBVA Innovates Just Like A FinTech Start-up, At Larger Scale"},"content":{"rendered":"<div class=\"latest-updates-panel__container latest-updates-panel__container--blog-post\"><\/div>\n<p><strong>BBVA, Spain\u2019s second-largest bank, has adopted a new working-style to innovate like a FinTech start-up, at larger scale.\u00a0<\/strong><\/p>\n<p>BBVA has been working on new ways to innovate in-house over the past years, following the path of early-stage FinTech start-ups. The process is simple: group of people have <strong>3-days to validate<\/strong> an idea, then <strong>6 days to create a prototype<\/strong> and <strong>9 months to launch<\/strong> a ready-to-use product.<\/p>\n<h3>Work Like A Start-up<\/h3>\n<p>While most <strong>western banks are spending billions<\/strong> on technology, very few have a <strong>clear strategy<\/strong> on how to execute their digital transformation plan.<\/p>\n<blockquote><p>&#8220;Sooner or later the giants of the internet\u2014Amazon, Facebook, Google\u2014will be our main rivals. The digital world doesn\u2019t allow many competitors. If you are not prepared for this precise moment, and you are not as efficient as they are, you are dead\u201d said Francisco Gonz\u00e1lez, BBVA\u2019s executive chairman since 2000.<\/p><\/blockquote>\n<p>The spanish bank started replacing its <strong>old computing systems back in 2007<\/strong>. Today, the bank is <strong>building the next generation of bank<\/strong>\u00a0based on <strong>mobile applications<\/strong> to bring a new digital experience to its consumers.<\/p>\n<p>According to Mr Gonz\u00e1lez:<\/p>\n<blockquote><p>\u201cAt the end of the day, we won\u2019t be a bank any more, but a \u201cdigital house\u201d.<\/p><\/blockquote>\n<p>BBVA has been running multiple initiatives. Planning sessions are being organized to <strong>let employees share ideas<\/strong>. Acquisitions have been made in various sectors like <strong>big-data<\/strong> with Madiva,<strong> digital-design<\/strong> with Spring Studio or <strong>digital banking<\/strong>\u00a0with Atom bank. BBVA also <strong>invests indirectly<\/strong> into FinTech start-ups through the VC fund Propel Ventures.<\/p>\n<p>In 2018, European banking players will have to <strong>open up customer data to third-party providers<\/strong>, says the Payment Services Directive (PSD2). While most banks see PSD2 as a threat, BBVA is embracing these new rules and see it as an opportunity to innovate faster.<\/p>\n<h3>FinTech Use Cases<\/h3>\n<p><a href=\"https:\/\/www.bbva.es\/eng\/particulares\/hipotecas-prestamos\/bbva-valora\/index.jsp\" target=\"_blank\" rel=\"noopener noreferrer\" class=\"broken_link\"><strong>Valora<\/strong><\/a> is a Spain-based mobile app that has developed a <strong>solution for Spanish homebuyers<\/strong>. The <strong>mortgage simulator<\/strong> gives customers <strong>access to all the information<\/strong> they need to <strong>buy a house<\/strong>: the market price in the neighborhood, the damage on monthly budget, the confitions to take out a loan, etc.<\/p>\n<p><strong>Tuyyo<\/strong> is a US-based FinTech that has developed a <strong>mobile money transfer service<\/strong> between America and Mexico. The mobile app lets anyone <strong>send money to Mexico<\/strong> and\u00a0<strong>pick up money<\/strong> 24\/7 at over 11,000 BBVA Bancomer ATMs without <strong>needing a card or bank account<\/strong>.<\/p>\n<p>In Colombia, more than\u00a0<strong>350,000 customers<\/strong>\u00a0bought an <strong>insurance to protect<\/strong> themselves from robbery by simply pressing a button on the automated teller machine.<\/p>\n<hr \/>\n<p>This article was first published in T<a href=\"https:\/\/www.economist.com\/news\/finance-and-economics\/21730161-it-wants-be-nimble-fintech-startup-shareholders-are-having-be\" target=\"_blank\" rel=\"noopener noreferrer\" class=\"broken_link\"><strong>he Economist <\/strong><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>BBVA, Spain\u2019s second-largest bank, has adopted a new working-style to innovate like a FinTech start-up, at larger scale.\u00a0 BBVA has been working on new ways to innovate in-house over the past years, following the path of early-stage FinTech start-ups. The process is simple: group of people have 3-days to validate an idea, then 6 days [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":5450,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[551],"tags":[1770,440,185,1675,1557,1502,280,3,1777,1773,1775,1674,306,531,339,1201,1774,808,1556,1176,1776,1772,1771,217],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>BBVA Innovates Just Like A FinTech Start-up, At Larger Scale - INVYO Insights Europe : Media Fintech<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/insights.invyo.io\/europe\/analyses\/bbva-innovates-just-like-a-fintech-start-up-at-larger-scale\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"BBVA Innovates Just Like A FinTech Start-up, At Larger Scale - INVYO Insights Europe : Media Fintech\" \/>\n<meta property=\"og:description\" content=\"BBVA, Spain\u2019s second-largest bank, has adopted a new working-style to innovate like a FinTech start-up, at larger scale.\u00a0 BBVA has been working on new ways to innovate in-house over the past years, following the path of early-stage FinTech start-ups. The process is simple: group of people have 3-days to validate an idea, then 6 days [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/insights.invyo.io\/europe\/analyses\/bbva-innovates-just-like-a-fintech-start-up-at-larger-scale\/\" \/>\n<meta property=\"og:site_name\" content=\"INVYO Insights Europe\" \/>\n<meta property=\"article:published_time\" content=\"2017-11-11T14:09:05+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2019-07-30T14:34:31+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/insights.invyo.io\/europe\/wp-content\/uploads\/2017\/11\/Techfoliance_bbva-fintech-spain-europe.png\" \/>\n\t<meta property=\"og:image:width\" content=\"716\" \/>\n\t<meta property=\"og:image:height\" content=\"352\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Team Europe\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Team Europe\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/insights.invyo.io\/europe\/analyses\/bbva-innovates-just-like-a-fintech-start-up-at-larger-scale\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/insights.invyo.io\/europe\/analyses\/bbva-innovates-just-like-a-fintech-start-up-at-larger-scale\/\"},\"author\":{\"name\":\"Team Europe\",\"@id\":\"https:\/\/insights.invyo.io\/europe\/#\/schema\/person\/1050c8d334a20712305f7f60e2671b0b\"},\"headline\":\"BBVA Innovates Just Like A FinTech Start-up, At Larger Scale\",\"datePublished\":\"2017-11-11T14:09:05+00:00\",\"dateModified\":\"2019-07-30T14:34:31+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/insights.invyo.io\/europe\/analyses\/bbva-innovates-just-like-a-fintech-start-up-at-larger-scale\/\"},\"wordCount\":433,\"commentCount\":1,\"publisher\":{\"@id\":\"https:\/\/insights.invyo.io\/europe\/#organization\"},\"keywords\":[\"API Market\",\"atom bank\",\"BBVA\",\"Business intelligence\",\"Derek White\",\"Digital Banking\",\"Europe\",\"Fintech\",\"Fintech Insights\",\"Francisco Gonz\u00e1lez\",\"Madiva\",\"Market intelligence\",\"mexico\",\"mobile banking\",\"money transfer\",\"payments\",\"Propel Ventures\",\"PSD2\",\"Remittances\",\"Spain\",\"Spring Studio\",\"Tuyyo\",\"Valora\",\"VC\"],\"articleSection\":[\"Analyses\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/insights.invyo.io\/europe\/analyses\/bbva-innovates-just-like-a-fintech-start-up-at-larger-scale\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/insights.invyo.io\/europe\/analyses\/bbva-innovates-just-like-a-fintech-start-up-at-larger-scale\/\",\"url\":\"https:\/\/insights.invyo.io\/europe\/analyses\/bbva-innovates-just-like-a-fintech-start-up-at-larger-scale\/\",\"name\":\"BBVA Innovates Just Like A FinTech Start-up, At Larger Scale - INVYO Insights Europe : Media Fintech\",\"isPartOf\":{\"@id\":\"https:\/\/insights.invyo.io\/europe\/#website\"},\"datePublished\":\"2017-11-11T14:09:05+00:00\",\"dateModified\":\"2019-07-30T14:34:31+00:00\",\"breadcrumb\":{\"@id\":\"https:\/\/insights.invyo.io\/europe\/analyses\/bbva-innovates-just-like-a-fintech-start-up-at-larger-scale\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/insights.invyo.io\/europe\/analyses\/bbva-innovates-just-like-a-fintech-start-up-at-larger-scale\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/insights.invyo.io\/europe\/analyses\/bbva-innovates-just-like-a-fintech-start-up-at-larger-scale\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Accueil\",\"item\":\"https:\/\/insights.invyo.io\/europe\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"BBVA Innovates Just Like A FinTech Start-up, At Larger Scale\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/insights.invyo.io\/europe\/#website\",\"url\":\"https:\/\/insights.invyo.io\/europe\/\",\"name\":\"INVYO Insights Europe\",\"description\":\"Media Fintech\",\"publisher\":{\"@id\":\"https:\/\/insights.invyo.io\/europe\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/insights.invyo.io\/europe\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/insights.invyo.io\/europe\/#organization\",\"name\":\"INVYO\",\"url\":\"https:\/\/insights.invyo.io\/europe\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/insights.invyo.io\/europe\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/insights.invyo.io\/europe\/wp-content\/uploads\/2019\/01\/logo-invyo-insights-dark.svg\",\"contentUrl\":\"https:\/\/insights.invyo.io\/europe\/wp-content\/uploads\/2019\/01\/logo-invyo-insights-dark.svg\",\"caption\":\"INVYO\"},\"image\":{\"@id\":\"https:\/\/insights.invyo.io\/europe\/#\/schema\/logo\/image\/\"}},{\"@type\":\"Person\",\"@id\":\"https:\/\/insights.invyo.io\/europe\/#\/schema\/person\/1050c8d334a20712305f7f60e2671b0b\",\"name\":\"Team Europe\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/insights.invyo.io\/europe\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/insights.invyo.io\/europe\/wp-content\/uploads\/2019\/01\/Logo-Invyo-Insights-Full-L-Colorlogo-TransparentBG-150x150.jpg\",\"contentUrl\":\"https:\/\/insights.invyo.io\/europe\/wp-content\/uploads\/2019\/01\/Logo-Invyo-Insights-Full-L-Colorlogo-TransparentBG-150x150.jpg\",\"caption\":\"Team Europe\"},\"description\":\"Invyo Insights is a market intelligence platform dedicated to FinTech. We work with the best experts to provide you with sector insights and contribute to shape the future of banking in Europe.\",\"url\":\"https:\/\/insights.invyo.io\/europe\/author\/fintech2015\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"BBVA Innovates Just Like A FinTech Start-up, At Larger Scale - INVYO Insights Europe : Media Fintech","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/insights.invyo.io\/europe\/analyses\/bbva-innovates-just-like-a-fintech-start-up-at-larger-scale\/","og_locale":"en_US","og_type":"article","og_title":"BBVA Innovates Just Like A FinTech Start-up, At Larger Scale - INVYO Insights Europe : Media Fintech","og_description":"BBVA, Spain\u2019s second-largest bank, has adopted a new working-style to innovate like a FinTech start-up, at larger scale.\u00a0 BBVA has been working on new ways to innovate in-house over the past years, following the path of early-stage FinTech start-ups. The process is simple: group of people have 3-days to validate an idea, then 6 days [&hellip;]","og_url":"https:\/\/insights.invyo.io\/europe\/analyses\/bbva-innovates-just-like-a-fintech-start-up-at-larger-scale\/","og_site_name":"INVYO Insights Europe","article_published_time":"2017-11-11T14:09:05+00:00","article_modified_time":"2019-07-30T14:34:31+00:00","og_image":[{"width":716,"height":352,"url":"https:\/\/insights.invyo.io\/europe\/wp-content\/uploads\/2017\/11\/Techfoliance_bbva-fintech-spain-europe.png","type":"image\/png"}],"author":"Team Europe","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Team Europe","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/insights.invyo.io\/europe\/analyses\/bbva-innovates-just-like-a-fintech-start-up-at-larger-scale\/#article","isPartOf":{"@id":"https:\/\/insights.invyo.io\/europe\/analyses\/bbva-innovates-just-like-a-fintech-start-up-at-larger-scale\/"},"author":{"name":"Team Europe","@id":"https:\/\/insights.invyo.io\/europe\/#\/schema\/person\/1050c8d334a20712305f7f60e2671b0b"},"headline":"BBVA Innovates Just Like A FinTech Start-up, At Larger Scale","datePublished":"2017-11-11T14:09:05+00:00","dateModified":"2019-07-30T14:34:31+00:00","mainEntityOfPage":{"@id":"https:\/\/insights.invyo.io\/europe\/analyses\/bbva-innovates-just-like-a-fintech-start-up-at-larger-scale\/"},"wordCount":433,"commentCount":1,"publisher":{"@id":"https:\/\/insights.invyo.io\/europe\/#organization"},"keywords":["API Market","atom bank","BBVA","Business intelligence","Derek White","Digital Banking","Europe","Fintech","Fintech Insights","Francisco Gonz\u00e1lez","Madiva","Market intelligence","mexico","mobile banking","money transfer","payments","Propel Ventures","PSD2","Remittances","Spain","Spring Studio","Tuyyo","Valora","VC"],"articleSection":["Analyses"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/insights.invyo.io\/europe\/analyses\/bbva-innovates-just-like-a-fintech-start-up-at-larger-scale\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/insights.invyo.io\/europe\/analyses\/bbva-innovates-just-like-a-fintech-start-up-at-larger-scale\/","url":"https:\/\/insights.invyo.io\/europe\/analyses\/bbva-innovates-just-like-a-fintech-start-up-at-larger-scale\/","name":"BBVA Innovates Just Like A FinTech Start-up, At Larger Scale - INVYO Insights Europe : Media Fintech","isPartOf":{"@id":"https:\/\/insights.invyo.io\/europe\/#website"},"datePublished":"2017-11-11T14:09:05+00:00","dateModified":"2019-07-30T14:34:31+00:00","breadcrumb":{"@id":"https:\/\/insights.invyo.io\/europe\/analyses\/bbva-innovates-just-like-a-fintech-start-up-at-larger-scale\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/insights.invyo.io\/europe\/analyses\/bbva-innovates-just-like-a-fintech-start-up-at-larger-scale\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/insights.invyo.io\/europe\/analyses\/bbva-innovates-just-like-a-fintech-start-up-at-larger-scale\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Accueil","item":"https:\/\/insights.invyo.io\/europe\/"},{"@type":"ListItem","position":2,"name":"BBVA Innovates Just Like A FinTech Start-up, At Larger Scale"}]},{"@type":"WebSite","@id":"https:\/\/insights.invyo.io\/europe\/#website","url":"https:\/\/insights.invyo.io\/europe\/","name":"INVYO Insights Europe","description":"Media Fintech","publisher":{"@id":"https:\/\/insights.invyo.io\/europe\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/insights.invyo.io\/europe\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/insights.invyo.io\/europe\/#organization","name":"INVYO","url":"https:\/\/insights.invyo.io\/europe\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/insights.invyo.io\/europe\/#\/schema\/logo\/image\/","url":"https:\/\/insights.invyo.io\/europe\/wp-content\/uploads\/2019\/01\/logo-invyo-insights-dark.svg","contentUrl":"https:\/\/insights.invyo.io\/europe\/wp-content\/uploads\/2019\/01\/logo-invyo-insights-dark.svg","caption":"INVYO"},"image":{"@id":"https:\/\/insights.invyo.io\/europe\/#\/schema\/logo\/image\/"}},{"@type":"Person","@id":"https:\/\/insights.invyo.io\/europe\/#\/schema\/person\/1050c8d334a20712305f7f60e2671b0b","name":"Team Europe","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/insights.invyo.io\/europe\/#\/schema\/person\/image\/","url":"https:\/\/insights.invyo.io\/europe\/wp-content\/uploads\/2019\/01\/Logo-Invyo-Insights-Full-L-Colorlogo-TransparentBG-150x150.jpg","contentUrl":"https:\/\/insights.invyo.io\/europe\/wp-content\/uploads\/2019\/01\/Logo-Invyo-Insights-Full-L-Colorlogo-TransparentBG-150x150.jpg","caption":"Team Europe"},"description":"Invyo Insights is a market intelligence platform dedicated to FinTech. We work with the best experts to provide you with sector insights and contribute to shape the future of banking in Europe.","url":"https:\/\/insights.invyo.io\/europe\/author\/fintech2015\/"}]}},"_links":{"self":[{"href":"https:\/\/insights.invyo.io\/europe\/wp-json\/wp\/v2\/posts\/5441"}],"collection":[{"href":"https:\/\/insights.invyo.io\/europe\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/insights.invyo.io\/europe\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/insights.invyo.io\/europe\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/insights.invyo.io\/europe\/wp-json\/wp\/v2\/comments?post=5441"}],"version-history":[{"count":0,"href":"https:\/\/insights.invyo.io\/europe\/wp-json\/wp\/v2\/posts\/5441\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/insights.invyo.io\/europe\/wp-json\/wp\/v2\/media\/5450"}],"wp:attachment":[{"href":"https:\/\/insights.invyo.io\/europe\/wp-json\/wp\/v2\/media?parent=5441"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/insights.invyo.io\/europe\/wp-json\/wp\/v2\/categories?post=5441"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/insights.invyo.io\/europe\/wp-json\/wp\/v2\/tags?post=5441"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}