Multinational Financial Services Company BBVA Consolidates Technology Solutions with Domo to Support its Digital Transformation Journey
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Insights
The partnership between Domo and Banco Bilbao Vizcaya Argentaria (BBVA) signifies a strategic move that could have a substantial impact on BBVA's operational efficiency and customer experience. The integration of Domo's technology solutions into BBVA's digital transformation initiatives is designed to streamline data management and improve decision-making processes. For investors, the efficiency gains from such a digital overhaul could translate into cost savings and potentially improved margins over time. Additionally, the focus on enhancing customer experiences through better data access and analysis could lead to higher customer retention rates and attract new clients, driving revenue growth.
BBVA's adoption of Domo's platform for KPI development and customer feedback analysis is indicative of the banking industry's shift towards data-driven strategies. The ability to measure and understand customer interactions digitally is critical in today's competitive landscape. Improved digital interactions can result in increased productivity, as noted by BBVA and this operational leverage is a key factor that investors monitor as it can lead to sustainable growth. The emphasis on Net Promoter Score (NPS) and non-financial KPIs also suggests that BBVA is prioritizing long-term customer loyalty and satisfaction, which is a positive indicator of the bank's commitment to quality service.
BBVA's consolidation of technology solutions with Domo addresses a common challenge in the financial services industry: the organization and analysis of massive volumes of customer data. By integrating various data sources and systems, BBVA aims to democratize access to this information across its global workforce. This approach not only enhances the ability to share insights but also reduces the operational risks associated with manual reporting. From a data management perspective, the streamlined process is likely to result in a more agile response to market changes and customer needs.
Furthermore, the centralization of data through Domo's platform allows for the development of new KPIs, which are essential for measuring performance and guiding strategic decisions. The ability to track digital interactions in the BBVA app provides a granular view of customer behavior, which is invaluable for tailoring services and identifying areas for improvement. This level of data integration and accessibility can be a significant competitive advantage, as it enables rapid iteration and innovation based on real-time feedback.
The collaboration between Domo and BBVA highlights a broader trend in the financial sector towards digital transformation and customer-centricity. For BBVA, a global institution with a presence in over 25 countries, the challenge of maintaining a consistent and high-quality customer experience is amplified by its scale. The use of Domo's technology to align customer experiences with changing needs is a proactive measure that could set BBVA apart from its competitors.
From a market research standpoint, the ability to intuitively share key insights across an organization is critical for adapting to consumer trends and expectations. BBVA's increased productivity in day-to-day operations, as a result of Domo's integration, suggests an improvement in internal communication and workflow efficiency. These internal enhancements often lead to a better external customer experience, which is a key driver of brand loyalty and market share. As BBVA continues to measure and adapt to its customers' digital interactions, it could see an improvement in its market position, especially in regions where digital banking services are rapidly evolving.
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BBVA has a presence in more than 25 countries, including a strong leadership position in the Spanish market as Mexico’s largest financial institution, and with leading franchises in
As technology upends the traditional relationship between banks and their clients, BBVA has made significant progress in overhauling customer experiences to align with their changing needs. In addition to enabling BBVA with a platform to easily access customer data, Domo also helps BBVA measure and comprehend its customers' digital interactions in the BBVA app. With the ability to easily and intuitively share key insights with the entire organization, BBVA has seen increased productivity in day-to-day operations.
“With a company as complex as BBVA, it can be hard to adapt to new technologies or processes. This becomes especially apparent when considering the large number of teams and regions we have, each one of them with different needs, connecting to very different data sources and their own internal processes,” said Elena Alfaro, Global Head of Data and Advanced Analytics in Client Solutions at BBVA. “While we used to find it hard to align data from different teams and departments, with Domo, every employee is now able to have the data and access they need, and employees can work together without the need for expensive or overly complicated initiatives.”
Domo empowers BBVA leadership to present all the key messages related to their Net Promoter Score (NPS) and non-financial KPIs, so that employees across the organization have visibility into client satisfaction. Additionally, by integrating information from the thousands of customer queries BBVA receives each month, Domo sheds new light on the financial services institution’s performance. The data integration in Domo saves time and minimizes operational risk associated with its previous manual reporting and assessment processes.
“When we spoke to BBVA about their specific needs, we learned that they have a range of cross functional key metrics and specific program metrics that help them keep track of changes to their customers,” said Mark Maughan, SVP of customer success, Domo. “Domo enables all BBVA employees with easy access to important and relevant data, and helps them keep a pulse on their metrics through data experiences that drive better business decisions and multiply business outcomes.”
To learn more about how multinational institutions like BBVA are using Domo to improve business operations and data visibility, visit www.domo.com/customers.
About Domo
Domo puts data to work for everyone so they can multiply their impact on the business. Our cloud-native data experience platform goes beyond traditional business intelligence and analytics, making data visible and actionable with user-friendly dashboards and apps. Underpinned by AI, data science and a secure data foundation that connects with existing cloud and legacy systems, Domo helps companies optimize critical business processes at scale and in record time to spark the bold curiosity that powers exponential business results.
For more information, visit www.domo.com. You can also follow Domo on LinkedIn, X and Facebook.
Domo is a registered trademark of Domo, Inc.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240320557011/en/
Cynthia Cowen
PR@domo.com
Source: Domo
FAQ
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