Carlos Torres Vila, the CEO of Banco Bilbao Vizcaya Argentaria (BBVA), which has franchises in several Latin American countries including Argentina, Brazil, Chile and Venezuela, recently brought his company’s message of adapting and innovating to the Money 20/20 fintech conference in Copenhagen.
Torres Vila, the keynote speaker at the event, said BBVA, headquartered in Spain, strives to transform business by using innovation to bring “the age of opportunity to everyone” and related how his company was changing to embrace new technology, according to a BBVA release.
“New technologies will make banking easier," Torres Vila said, according to the release. "Data are the cornerstone to create opportunities.”
In his presentation, titled “Banking on Fintech,” a reference to technology used to enable financial services, he emphasized how industry stakeholders face the task of creating positive results in people’s lives rather than only providing financial infrastructure.
To do that, he said, financial institutions need to win customers’ trust by obtaining customer consent, using customer data efficiently, creating actionable insights and adding value. Once person-to-person rapport is established, it becomes easier for banks to rely on automation.
“You can leave (the system) on automatic knowing it will make the best decisions for you, or turn it back to manual when you want,” Torres Vila said, according to the release.
BBVA believes that five factors are critical to fintech success: scouting, developing, partnering, acquiring and investing. Torres Vila guided the audience through details before concluding that fintech represents the wave of the future in the financial sector.