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.
"They have an incredibly robust cloud-based engine, but to me, the most powerful component is the DIY ability," he says.
White's now looking beyond DIY analytics on his digital transformation roadmap.
The next step is developing smart interactions, through new products such as an augmented reality app for BBVA customers planning to buy a home. They could use the app to look behind the bricks of a building to identify the utilities of the property and any renovation costs and find out whether they can qualify for a mortgage, through APIs.
He draws a parallel with the levels of autonomy used to evaluate the development of self-driving cars from fully manual to fully automated. The BBV version is moving from DIY to smart interactions and finally to a self-driven bank account in which a trusted digital advisor manages customer finances based on their unique needs as they change over time.
For companies still planning their first steps on their analytics journey, White recommends they ensure that they fully understand the problem they're trying to solve before choosing a product.
"Are you really driving for efficiency, for costs, or do you truly want to design something that's DIY-able?" he asks. "You need to understand what's the primary goal: if you want usage, that's one thing. If you want something cheap, that's another thing. But find the right problem you're trying to solve and then pick your solution."