BBVA launches a new management and advice service for clients

Spanish banking group BBVA has launched a new management and advisory service for its clients that combines remote access, personalized financial advice and virtual banking.

The bank estimates that more than one million of its customers are potential users of the service named BBVA Contigo.

Contigo is aimed at clients who use online channels to do their banking rather than go to the bank branch or office but want personalized service. It targets all individual client segments of the group and each client is assigned their own qualified personal advisor.

Users of the service can do anything they would normally do at a bank branch or office, including seeking investment advice, opening a deposit account, acquiring a mutual fund, applying for a loan, signing up for a card, or opening an account, the bank said.

The service complements the group’s current distribution model through its branch network and allows clients to consult their personal advisor or use the various virtual channels available within the group.

After an initial selective rollout, Contigo already has around 180,000 clients with 250 direct personal advisors.

The service is primarily designed for customers who are unable or prefer not to travel to their bank, but want personalized advice that complements the use of remote channels. It is a universal service that targets all the bank’s individual customers.

Contigo was created in response to growing demand for a new banking relationship model by a large number of customers, the bank said.

“There is a new banking service opportunity and we are sure that covering this need will set us apart in the industry for years to come” said Jaime Sáenz de Tejada, head of business development for BBVA Spain and Portugal.

In response to the financial crisis, Spanish investors have taken more interest in new and different ways of accessing and receiving financial advice. This has been reflected in the growth of independent financial advisers, known as EAFIs, over the past year which have been poaching clients from the major banks that dominate the wealth and asset management business in the country.

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