BBVA launches end-to-end digital onboarding for business customers
by Ben Poole
More than 650,000 companies can now register to become BBVA Spain customers, using a completely online process that takes less than ten minutes. The bank, which has a track record in online enrolment for private customers, has become the first bank in Spain to create an online registration process that lets businesses instantly open and manage a business account.
Businesses can now use their sole or joint administrator’s digital certificate, issued by Spain’s National Mint and Stamp Factory, to become BBVA clients, using online banking - without paperwork or having to visit a branch - to open and manage an account. This digital certificate means of identification, which companies use in their habitual dealings with Spain’s governmental bodies, will increase the number of clients that use digital channels to interact with the bank. Since BBVA launched online enrolment for consumer customers three years ago, more than 30% of new customers have used digital channels to enrol with the bank.
The debut of this service coincides with the first anniversary of the BBVA business transformation factory, which was conceived with the goal of delivering better digital solutions to the bank’s business clients. This has resulted in features like the first intelligent aggregator for business and a digital process for requesting guarantees, and now the end-to-end digital onboarding.
To use this online enrolment process, companies just need to have a sole or joint administrator digital certificate and self-signing software installed. Thanks to advanced artificial intelligence techniques that recognise and extract data from the documentation provided, the information potential clients need to fill in is reduced to the bare minimum.
In less than 10 minutes, companies who access the bank using this service will be able to open and manage a dedicated business bank account using BBVA online banking. During the first 12 months, the client will pay zero commissions for the account or for the associated debit or credit card. Additionally, deposits, euro denominated cheque issuance, and ordinary transfers in euros made online or at BBVA ATMs will be exempt from charges. The bank says that, at present, more than 90% of its business clients use digital channels for their banking transactions.
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