Belausteguigoitia (BBVA): "Hemos aumentado nuestra cuota en nómina y tenemos un 17,5%"

Belausteguigoitia, BBVA's country manager in Spain, stated on Monday that the bank anticipates retaining the same number of new private clients as the previous year, amounting to one million additional users. A significant portion of these individuals are young adults. Belausteguigoitia emphasized that the bank's value proposition lies in offering customers transactability.

At the EXPANSIÓN-KPMG financial event, he clarified that the group has increased its market share in nominal terms, now holding a 17.5% share. He noted that following the unsuccessful Sabadell takeover, this operation marks a closed chapter for the bank. However, he reminded that Europe will require substantial investments in defense, energy, and other sectors in the coming years, and for the continent to regain momentum, the banking sector needs to gain scale.

Belausteguigoitia expressed support for mergers and acquisitions, stating that the bank is favorable toward such operations. He highlighted the bank's growth data, which shows a 260-point increase in consumer consumption and a 250-point increase in businesses over the past five years. The Spanish market is highly competitive in the financial sector, he noted, and referenced digital-focused competitors.

BBVA entered the digitalization race by enhancing customer interaction via mobile. Belausteguigoitia described artificial intelligence (AI) as a powerful tool that can multiply value in terms of efficiency and productivity. He stated that the bank is creating the necessary capabilities in terms of data and security to build agents.

He confided in the belief that the client will be the primary beneficiary of this technological advancement, as the value proposition will be far more personalized than before. The bank's app will offer customers a distinct 24/7 channel for many services previously available only in person, he added. Belausteguigoitia forecasted that the AI-powered assistant in the bank's app could engage in a conversation with the client, similar to a human interaction, in the coming months.