North America's best digital bank 2016: BBVA Compass
In digital innovation, however, no bank in the US can touch BBVA Compass, which wins the award for North America’s best digital bank. Whereas large domestic banks have pushed back against disrupters, BBVA Compass exemplifies what can happen when a bank embraces them. That journey began more than five years ago when the bank began overhauling its core technology system into a real-time platform, making it among the first to implement real time processing. It was almost unheard of for US banking customers to have that level of transparency and control, but then BBVA Compass took it to a new level: it opened its platform to digital innovators. As a result, customers of BBVA Compass can send and receive funds instantly through Dwolla rather than wait for Automated Clearing House.
Chad Ballard, director of business development and professional services for BBVA’s new digital businesses area explains: “The few real-time solutions in the US are still evolving, and adoption by consumers will take time, so we took a step forward by teaming up with Dwolla. It created a way to authenticate across the bank and to link accounts and move money in real time.”