The Banker/Private Wealth Magazine has recognized BBVA as the best private bank in Colombia and Peru in the 2024 edition of the awards. The bank has also been singled out as offering the best high net worth client service in Latin America. The Banker also commended BBVA’s private banks operating in Mexico and Spain.
When it came to awarding the prizes, The Banker held a very positive view of BBVA’s technological progress. “BBVA’s private banking is keenly embracing technology with the aim of becoming more efficient and improving the customer experience,” notes the magazine, adding that in 2023 the bank implemented a series of digital tools focused on improving customer interaction and providing a more personalized service.
“The adoption of advanced digital platforms has streamlined our processes and provided clients with more agile, real-time access to services, thus improving our operational efficiency and enabling us to deliver a better customer experience overall,” proclaims Humberto Garcia de Alba, head of BBVA Global Wealth.
The Banker notes that BBVA Global Wealth’s non-financial range of products and services has enabled the bank to offer customized strategies that address the individual needs and preferences of high net worth clients, thus improving client engagement and satisfaction.
It also singles out the use of generative artificial intelligence, which is becoming an integral part of BBVA’s private banking operations, offering transformative opportunities to support private bankers and clients alike. Technology is being applied primarily in data analytics, to help bankers anticipate customer needs and offer more informed recommendations. Similarly, in customer service, AI is now being used to personalize interactions and deliver tailored strategies. “This allows us to improve their experience, while maintaining the human touch, which is essential in private banking,” explains Humberto García de Alba.
Among the advances made by BBVA Global Wealth in the geographies in which it operates, highlights include an outstanding improvement in client interaction and advisory services in Mexico, through the integration of advanced technologies.In Colombia, the company has been focusing on the development of human capital through training programs that include modules on topics such as consultative selling, capital markets and financial mathematics.
In Spain, investment tracking and client management platforms have been enhanced, making bankers much more productive. In Peru, training has been delivered on the generational handover and workshops given to empower women entrepreneurs.
The Banker also notes that sustainability and investments focused on ESG (environmental, social and corporate governance) criteria are also a key part of the bank’s growth strategy. “Demand in this area is expected to increase,” remarks Garcia de Alba.