Awards for Excellence 2018
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What is striking about BBVA’s operations in Latin America is how the bank is willing adapt to regional demands. At a time when its Spanish operations are grappling with the arrival of open banking and real-time payments, the bank knows that having staff on the ground in Latin America is the main concern of its customers.
The bank considers itself a regional player, under Head of GTB Americas Jose Luis Lopez-Sors, but one that understands the idiosyncrasies of the eight countries in which it operates. This presence also makes it an invaluable partner in its correspondent banking network, where a known and trusted name is a big part of getting through the know-your-client process.
Having these touch points to its client network is a big part of its trade finance service. BBVA has a comprehensive trade finance customer service model, with specialists located across its branch network, as well as an export credit agency team to help clients navigate multiple currencies, local taxes and regulations.
Treasurers operating across multiple countries and currencies need to have an overview of their company’s consolidated cash position. The practical difficulties of providing cash pooling services in the region has led the bank to develop alternative services.
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Jose Luis Lopez-Sors |
For example, to give customers the best possible insight into their cash positions, BBVA provides an e-business tool that monitors both their own and third-party accounts. The bank has also created a single online access point to provide the same quality of access regardless of the specific Latin American location.
The desire to provide clients with face-to-face support services does not negate BBVA’s desire to drive innovation. In November 2017, for example, the bank transferred documents under a letter of credit using blockchain. The transaction was performed between its banks in Mexico and in Spain, on behalf of customers in both of those countries. BBVA is also developing its mobile operations to serve its clients as they move to digitization.
