BBVA Compass debuts real-time processing in U.S., boosting efficiency and giving a new level of banking transparency and simplicity to customers
MADRID and NEW YORK; Nov. 27, 2012 – BBVA and Accenture announced on Tuesday a landmark technology systems upgrade at BBVA Compass, giving the Spanish bank’s U.S. subsidiary one of the first real-time processing systems in the U.S. banking industry.
The $362 million project replaces the bank’s core technology infrastructure for all of the bank’s 716 branches in seven states across its Sunbelt footprint. It cuts the time it takes to open a new account to as little as five minutes from 45, and reduces time to market for new products by up to 75 percent.
“The core platform makes BBVA Compass significantly more competitive,” said Manolo Sanchez, BBVA Compass chief executive and BBVA country manager. “We’re more efficient, but equally important, we can offer a virtually unmatched level of transparency and simplicity to our customers giving us a unique position among U.S. banks.”
Accenture provided its Alnova Financial Solutions™ software to BBVA Compass, and helped the bank implement the new system.
“Technology transformations of this kind can have a major impact on the market position of banks –particularly in the U.S. where aging systems are prevalent,” said Juan Pedro Moreno, global managing director of banking at Accenture. “Again and again around the world, BBVA has shown a unique client-centric focus and command of operational excellence and technology innovation.”
The project marks one of the first successful core banking infrastructure replacements for a major U.S. bank in more than a decade. The new system powers BBVA Compass’ checking and savings, consumer and business lending, and mortgage capabilities – and is fully integrated with its branch and ATM networks, call centers and online and mobile banking services.
“Our core system transforms the banking experience for our customers and for our employees,” said Sergio Fidalgo, BBVA Compass chief information officer. “Our customers save time, and our branch employees have more time to spend meeting their clients’ needs. In short, the Alnova technology allows for more productivity.”
By centralizing all of the bank’s customer account information onto a single platform, BBVA Compass employees can provide faster, more comprehensive service to its customers. The new system provides the bank’s customers with the same information available to the bank through all points of access: branches, online, phone, ATM or mobile device. That transparency is expected to provide customers more timely information about their accounts, which offers greater control over their finances.
The system allows BBVA Compass to post many customer transactions in real-time, which significantly lowers back-office processing costs. Real-time processing is a capability generally unavailable among U.S. banks.
“By eliminating most of the coding needed to develop new products, we have also vastly reduced our time to market,” said Fidalgo. “When we do custom development work, Alnova allows us to leverage that work on future developments as well.”
BBVA Compass was supported by Accenture Core Banking Services, which has helped design and implement core banking systems for more than 200 institutions globally. Its Alnova software platform is an award-winning core banking solution, with more than 100 clients in more than 20 countries. BBVA uses Alnova in nine other countries.
Accenture is a global management consulting, technology services and outsourcing company, with 257,000 people serving clients in more than 120 countries. Combining unparalleled experience, comprehensive capabilities across all industries and business functions, and extensive research on the world’s most successful companies, Accenture collaborates with clients to help them become high-performance businesses and governments. The company generated net revenues of US$27.9 billion for the fiscal year ended Aug. 31, 2012. Its home page is www.accenture.com.
About BBVA and BBVA Compass
BBVA Compass is a subsidiary of BBVA Compass Bancshares Inc., a wholly owned subsidiary of BBVA (NYSE: BBVA) (MAD: BBVA). BBVA is a customer-centric global financial services group founded in 1857. The Group has a solid position in Spain, is the largest financial institution in Mexico, and has leading franchises in South America and the Sunbelt region of the United States. Its diversified business is geared toward high-growth markets and relies on technology as a key sustainable competitive advantage. BBVA ranks among the leading eurozone banks in terms of return on equity and efficiency. Corporate responsibility is at the core of its business model. BBVA fosters financial education and inclusion, and supports scientific research and culture. It operates with the highest integrity, a long-term vision and applies best practices. More information about the BBVA Group can be found at www.bbva.com.
BBVA Compass is a Sunbelt-based financial institution that operates 709 branches, including 368 in Texas, 93 in Alabama, 79 in Arizona, 65 in California, 45 in Florida, 38 in Colorado and 21 in New Mexico. BBVA Compass ranks among the top 20 largest U.S. commercial banks based on deposit market share and ranks among the largest banks in Alabama (2nd), Texas (4th) and Arizona (5th). BBVA Compass has been recognized as one of the leading Small Business Administration lenders and ranked third in American Banker’s 2012 reputation study of the leading 30 banks in the U.S. Additional information about BBVA Compass can be found at www.bbvacompass.com.
Editor’s Note: BBVA Compass is a trade name of Compass Bank.
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