BBVA USA has partnered with Google to offer digital bank accounts to customers through Google Pay.
The co-branded, FDIC-insured digital account is set to be launched next year. It will be built on top of the bank’s existing infrastructure while front-end, intuitive user experiences and financial insights will be offered by Google.
The move forms part of BBVA’s strategy to organically grow business across the US whilst transforming the way it does business through continuous improvements in data, technology and operation.
BBVA USA president and CEO Javier Soler said: “When we launched our new five-year strategic plan in January, we said that two key pillars were to reach more customers with our digital offerings and use our expertise in finance, digital and innovation to help them improve their financial health.
“This collaboration with Google is fully aligned with this effort – even more so in today’s world where the ability to conduct your financial life in a digital manner, from account opening to transacting to understanding financial health, is an imperative.”
The collaboration is realised through BBVA Open Platform that allows the bank and its partners to acquire financial products that generate consumer value propositions.
The platform offers a range of banking and payments services in the US-backed by a global financial institution.
Commenting on the development, GooglePayments Ecosystemsvice president Felix Lin said: “Google is excited to work with BBVA USA in enabling a digital experience that is equitable for all and meets the evolving needs of a new generation of customers.
“We believe that we can use our technology expertise to benefit users, banks and the entire financial ecosystem.”
Last month, BBVA USA secured approval to open 15 new branches across various cities across Texas.