BBVA digital transformation: a 10-year journey to a digital-first bank

Context

BBVA — second-largest Spanish bank, with presence in Mexico, Turkey, Latin America. In 2014 then-Chairman Francisco González declared “BBVA will be a software company with a banking license”. $13B+ invested over a decade.

By 2024:

• 78%+ sales digital across markets.
• Mobile NPS leader in Spain.
• Cloud-native core in multiple geographies.
• API platform with 150+ partner integrations.

What they got right

Sustained executive commitment. 10-year strategy with consistent CEO support. Most banks abandon digital transformation after 2-3 years.

Customer-first design. Started with customer journeys, not product redesign.

Talent acquisition. Hired thousands of tech engineers — became Spain’s largest tech employer.

Acquisition strategy. Bought fintechs (Simple US, partial Atom UK) for capability and culture.

Technology modernisation. Core migration to cloud — completed for major markets.

Open banking lead. Public API platform launched 2017, ahead of mandates.

Brand investment. Repositioned as digital-first, not traditional.

What was harder

Simple US acquisition disappointing — eventually shut down.

Cultural integration challenges. Tech engineers and traditional bankers — different mindsets.

Branch network restructure controversial.

Lessons for emerging markets

10-year horizon required. Quarterly mindset does not work.

Customer journey first, technology second.

Hire tech talent in quantity — not 50 engineers, 5000.

Open banking lead — first-mover advantage.

Brand commitment — old brand can be repositioned, but requires sustained narrative.

UZ banks: same lessons, smaller scale. Capital constraints make decade-long investment harder, but customer expectation gap with global players widens fast.

Sources

• BBVA Annual Reports — digital metrics
• BBVA Open Platform documentation
• Harvard Business Review — BBVA case
• Reuters — BBVA digital coverage

Related

• /en/cases/banking-customer-360-build/ — customer 360 case
• /en/decisions/banking-abs-modernization-timing/ — ABS decision
• /en/insights/future-banking-2040/ — 2040
• /en/expertise/banking-data-discipline/ — data discipline