BBVA now allows products contracted by customers with other banking institutions to be added to the BBVA app.
The BBVA app tool, Bconomy, opened up to accounts and cards from other financial service providers in February 2018. However, now customers can add investment funds, pension plans, deposits, securities, as well as mortgage and consumer finance products.
Customers click on the BBVA app and press the “your other banks” option. Once verified, the products download automatically and added to Bconomy.
Bconomy launched to measure customers’ income and spending patterns, as well as savings and debt levels. It now includes all of the customer’s positions and provides an overview of their financial health. Furthermore, it allows the customer to make better decisions with spending and investing.
Currently, it allows balance checks grouped together in the app. However, BBVA wants to go further. In 2019, regulation will add the possibility of operating between different products within the BBVA app itself.
According to the regulation, banks must give access to payment account information if authorised by customers.
In addition, BBVA customers will be able to choose only the products they want to see and see comparisons within the Bconomy tool. This gives a monthly forecast of fixed expenses and comparisons with people of similar profile.