Connect with us

Featured

BBVA’s is exploring offering its fintech products on Amazon

The BBVA holding company, headquartered in Alabama has shown its interest in selling Fintech products on Amazon’s marketplace. BBVA has been a subsidiary of the Spanish multinational Banco Bilbao Vizcaya Argentaria and is the 30 largest financial institution in the United States. It is not yet clear what type of products BBVA will offer, but loans and insurance products are likely to be included.

Published

on

This picture represent a couple of services that Amazon could offer.

BBVA is exploring the possibility of offering banking products on Amazon. The financial sector is ripe for disruption and there has been an explosion in innovative fintech solutions. More and more banks are betting on the use of platforms, applications, and digital banks, and other solutions designed to make finance easier. This reality allows BBVA to increase its digital offering on Amazon.

The Born2Invest mobile application provides the best business, Fintech, and finance news, from the most trusted sources in 80 words or less. Updated throughout the day, the Born2Invest mobile application is a professionally curated digest of business and news, in financial technology field summaries from the most reputable news organizations around the world. Stay on top of the latest news and financial affairs of the world. Digest features include news by category, fluid navigation, elegant interface, easy bookmarking, and localized app versions.

BBVA’s strategy for using Amazon to offer its products

The financial institution’s latest strategy is to use Amazon to offer its Fintech products. It will start with the pilot program that integrates the alliance to sell aprons, tote bags, and chocolate, among others. The bank will use the program to feel out demand for fintech products on Amazon’s marketplace, potentially setting it up to sell its financial products on the platform in the future.

Amazon currently does not offer any type of Fintech services on its platform. BBVA knows this but reported that it is exploring a plan to make this possible. Although the company did not give details about the catalog they would seek to offer, the initial offer will likely include BBVA’s main products: loans and insurance.

SEE ALSO  5 dead simple content marketing strategies that work like magic

Banks still have major problems with customer service. This has been evident on multiple occasions, with a large number of complaints and multiple failures recorded in their applications and platforms. A situation that could be exploited by Fintech or even technology giants like Apple, Google, Facebook or Amazon itself.

Technology companies are interested in offering finance solutions

With the proposal, BBVA would be putting itself ahead of other banking competitors. Amazon would not only keep a percentage for each transaction of the financial institution on its platform but would also open the doors to any bank that wants to sell its financial services.

Technology companies, such as Amazon, Facebook, Google, and even Apple, have shown interest in offering finance-related solutions, but there is still a great challenge facing Fintech, to reach the more conservative consumers who prefer an old-fashioned bank.

Amazon offers a way for fintech companies to win over cautious consumers. The key problem for most consumers is that hey are reluctant to take risks with their hard earned cash. Amazon is a well known and trusted brand and that name might be enough to push fence sitters into trying novel solutions.

This also represents another opportunity for Amazon to enter into yet another market. The giant already has a strong presence in commercial sales and cloud computing but by leveraging financial solutions they would be able to capture one of the fastest growing sectors in the world today. 

Assuming the test with BBVA is a success it is likely that Amazon will look to partner with other fintech companies and this could rapidly accelerate the adoption rate of new fintech platforms.

SEE ALSO  How are baby boomers adjusting to the digital tech trend?

__

(Featured image by geralt via Pixabay)

DISCLAIMER: This article was written by a third party contributor and does not reflect the opinion of Born2Invest, its management, staff or its associates. Please review our disclaimer for more information.

This article may include forward-looking statements. These forward-looking statements generally are identified by the words “believe,” “project,” “estimate,” “become,” “plan,” “will,” and similar expressions. These forward-looking statements involve known and unknown risks as well as uncertainties, including those discussed in the following cautionary statements and elsewhere in this article and on this site. Although the Company may believe that its expectations are based on reasonable assumptions, the actual results that the Company may achieve may differ materially from any forward-looking statements, which reflect the opinions of the management of the Company only as of the date hereof. Additionally, please make sure to read these important disclosures.

First published in LA VERDAD, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.

Although we made reasonable efforts to provide accurate translations, some parts may be incorrect. Born2Invest assumes no responsibility for errors, omissions or ambiguities in the translations provided on this website. Any person or entity relying on translated content does so at their own risk. Born2Invest is not responsible for losses caused by such reliance on the accuracy or reliability of translated information. If you wish to report an error or inaccuracy in the translation, we encourage you to contact us.

Suzanne Mitchell juggles the busy life of a full-time mom and entrepreneur while also being a writer-at-large for several business publications. Her work mostly covers the financial sector, including traditional and alternative investing. She shares reports and analyses on the real estate, fintech and cryptocurrency markets. She also likes to write about the health and biotech industry, in particular its intersection with clean water and cannabis. It is one of her goals to always share things of interest to women who want to make their mark in the world.

Continue Reading

Most Popular