#DigitalBanking #BigTech / BBVA On Google, Digital Banking And The Rise Of The ‘Everyday App’

… BBVA was one of six banks that said on Monday (Aug. 3) that it would work with Google to deliver “smart” digital bank accounts, using Google Pay… In terms of mechanics, the accounts would be offered through Google Pay on the front end, consumer-facing side of the equation, while using BBVA’s existing infrastructure to deliver financial services and products to consumers.

Bringing the best of both worlds together will enable BBVA’s (and other banks’) primary checking account holders to get real-time money management tips and stay on top of bill payments — all while linking payment and identity credentials to those checking accounts. In this way, Google gets new users for its Pay offering, and the banks get new customers and strengthen their respective brands.

… it’s no easy task to create a digital financial services ecosystem. “It’s one thing to have the [technical] ability, but then your clientele needs to adopt… You may get the early adopters, but there’s a massive population that you have to convince. It all needs to be user-friendly.”

… the collaborations like the ones struck between banks and Google are aimed at delivering banking as a service, while offering a contextualized experience that gives consumers real-time insights into how (and where) they are spending, transacting and shopping… consumers have increasingly come to expect an Amazon-like experience (in terms of ease of use) as any number of banking activities have made their way online — while those consumers trust banks chiefly because the industry is regulated and has safeguards in place.