The Spanish bank, which operates in nine Latin American markets, reported steady growth in digital and mobile customers globally in its quarterly results
BBVA reported steady expansion of its digital customer base globally on Friday, with the total rising to 25.1 million, some 26% more than a year earlier. Mobile customers grew 43% year on year, to 20.7 million.
The bank does not split out digital customer growth by market, but it did report a strong pick-up in sales via digital channels in Mexico and South America.
BBVA Mexico made 32.7 million digital sales in the second quarter of the year, while in South America the bank made 51 million digital sales, in both cases more than double a year earlier.
Globally, 46% of BBVA’s customers use digital channels, and 38% use mobile. The bank hopes to have half of all customers online by the end of this year, and the same proportion accessing its service via mobile next year.
At the global level, BBVA’s digital customer base is broadly on par with Santander. On Wednesday, Santander reported 28.3 million digital customers, a 23% increase from a year earlier. While Santander’s second quarter report showed rapid growth of its digital customer base in Latin American markets, it also showed that the rate had decelerated from previous quarters.
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Should tech companies be regulated by financial authorities?
No: Any financial services they offer are minor ancilliary business
Maybe: If they seek a banking license
Yes: Any company offering credit or payments should be monitored by financial regulators
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