Multinational 186-year-old banking group BBVA wants to evolve from its legacy heritage to a digital company, by designing its tech around the needs of its customers and removing the pain points around managing money.
BBVA wants to do this by empowering customers to have a do-it-yourself banking experience in which they can choose where, when and how they bank. To get this right, the bank needed a deep understanding of customer needs and desires as they change over time.
This objective led BBVA to adopt business intelligence platform Domo, which helps turn the bank’s various raw data streams into actionable insights that are delivered to a phone. Domo analyses this data to understand why people make certain decisions and how BBVA can help them in real-time.
The platform was used to improve the digital banking experience. BBVA has 74 million customers around the world, 23 million of whom interact on mobile. To identify why some of them preferred to visit a physical branch, BBVA surveyed the top 50 reasons why they weren’t using the app, from wanting human advice to struggling with certain features.
Derek White, global head of client solutions at BBVA, claims the bank made 92 percent of the resulting customer requests available on the app. The bank used Domo to assess the functionalities in real-time and quickly rejig anything that wasn’t working properly.
“We started to have more volume of customers interacting on mobile versus through traditional branches,” says White. “And we’re tracking our DIY capabilities across all of our countries to be able to see what it is that customers want to be able to do, if it’s available for them, and then how are they using it.”
Analysis from Forrester shows the impact of this approach. In 2018, the firm gave BBVA the top spot overall in its mobile banking apps rankings for the second year in a row.
From customers to colleagues
BBVA began working with Domo two years ago after realising the bank’s mix of BI tools wasn’t doing the job. Before plumping for Domo, White says the firm looked at “all of the major big BI tools, the big name brands that you would think about as well as a number of small startups.”
What stood out about Domo was its ability to let everyone in the business learn from the data in dashboards that they could design by themselves.
The biggest challenge was getting everyone to understand the impact of the product. Once they saw evidence of the impact, the mindset began to change.
Staff started to use it to analyse real-time data about customer interactions and sales without having to approach an engineer for support, while executives used it to make strategic decisions by identifying the bank’s performance against KPIs on a data dashboard.
White believes Domo’s usability was the key driving force behind its adoption.