By Rob Starr, Content Manager, Big4.com
BBVA and Accenture announced on Tuesday a landmark technology systems upgrade at BBVA Compass. The $362 million project replaces the bank’s core technology infrastructure for all of the bank’s 716 branches in seven states across its Sunbelt footprint. It cuts the time it takes to open a new account to as little as five minutes from 45, and reduces time to market for new products by up to 75 percent.
The Spanish bank’s U.S. subsidiary will be one of the first real-time processing systems in the U.S. banking industry.
The project marks one of the first successful core banking infrastructure replacements for a major U.S. bank in more than a decade. The new system powers BBVA Compass’ checking and savings, consumer and business lending, and mortgage capabilities – and is fully integrated with its branch and ATM networks, call centers and online and mobile banking services.
By centralizing all of the bank’s customer account information onto a single platform, BBVA Compass employees can provide faster, more comprehensive service to its customers. The new system provides the bank’s customers with the same information available to the bank through all points of access: branches, online, phone, ATM or mobile device. That transparency is expected to provide customers more timely information about their accounts, which offers greater control over their finances.
BBVA Compass was supported by Accenture Core Banking Services, which has helped design and implement core banking systems for more than 200 institutions globally. Its Alnova software platform is an award-winning core banking solution, with more than 100 clients in more than 20 countries. BBVA uses Alnova in nine other countries.