Javier Rodríguez Soler, Country Manager / CEO of BBVA USA (NYSE: BBVA), a Spanish multinational monetary company founded in Madrid and Bilbao, Spain, with about 700 billion euros in assets, confirms that in early August BBVA USA revealed that it would have paintings with Google (NASDAQ: GOOG) in a virtual bank account.
New fully virtual accounts will be presented through Google Pay and are expected to be available in 2021.
As discussed in a blog post shared with Crowdfund Insider through the BBVA team, the Spanish monetary giant is the only establishment that marries generating companies. Recently, Wall Street’s largest investment bank, Goldman Sachs (NYSE: GS) and Apple (NASDAQ: AAPL), which recently surpassed the market capitalization of $2 trillion, have teamed up to launch Apple Card.
Soler, an MBA graduate from Columbia Business School, says:
“Collaborations with corporations like Google are the long term of the bank. Consumers are the real winners when finance and big technologies combine to their advantage.”
The BBVA team says that it turns out that generation and finances are beginning to realize what the bank “sees coming for years: participating that competing everyone benefits”. Soler argues that there are “several winners in a link between generation and banking, from consumers to banks and generation.”
He explains:
“[Consumers get benefits from] the convenience presented through a virtual singles platform that allows consumers to provide the providers of their selection with a consistent user experience.”
Financial service providers can deliver reports to users that “take credit for years of creating tailored responses to generating companies,” Soler adds.
Continues:
“For banks, these victories have long-term implications for the future, given the proven ability to generate and load industries into their portfolios.”
According to Soler, some of the banks’ “victories” come with the ability to move their trades faster. Explains that generation corporations supply millions of unwavering customers. They are also offering a potential clientele that can take many years and “millions of dollars” to monetary establishments to make them alone.
He’s going to mention:
“The halo effect of a global logo is strongly related to that of the bank. We know that loyalty to the customer logo is strong among generation companies. Banks, which are historically more trivialized, gain advantages from their association.”
He also points out that when operating with banks, generation corporations do not want to seek a banking statute to begin providing a monetary matrix. Obtaining a license or authorization to provide secure banking services can be time-consuming and costly, Soler explains.
He adds that by working with an established bank, these corporations can remain focused on their core business, while providing more convenience to customers; As noted, BBVA has been actively concerned with supporting the progression of cutting-edge technologies.
In July 2020, BBVA shared the effects of its evidence of quantum pc generation concepts on currency arbitration and portfolio management. Also in July, BBVA and other primary banks demonstrated that they were components of a blockchain-based smart contract driving force for virtual payments.
Earlier this year, BBVA USA would open 15 new branches in Texas. BBVA also reported that its entire network of offices in Spain is already fully operational after the COVID-19 outbreak.