Spain’s BBVA Leads the Way in Financial Crime Prevention with New Unit
As the digital financial services landscape continues to evolve, so too does the threat of fraud and financial crime. With 47.8 million digital customers worldwide, BBVA has recognized the importance of protecting its customers’ trust and security.
A Proactive Approach to Financial Crime Prevention
In just three years, BBVA has managed to prevent a staggering 75% of fraudulent activities, demonstrating its commitment to customer protection. To further enhance its efforts, the bank is taking a proactive approach by establishing a comprehensive financial crime prevention unit. The new unit, led by Natalia Ortega, aims to build a robust solution to combat the threat of financial crime, allowing the bank to focus on protecting customers while preventing the use of its institutions for illegal activities.
The Importance of Technology and Data
Technology and data play a critical role in achieving this goal. BBVA is leveraging its 360-degree knowledge of customer transactional behavior to deliver a differential response to any illegal activities. Data analytics are key to the bank’s success in this task.
The Financial Crime Prevention Unit
The new unit currently comprises over 800 individuals within the BBVA Group, with two hubs already established in Spain and Mexico. The remaining countries will follow suit in the coming months. As crime continues to evolve and become increasingly sophisticated, BBVA is adapting its approach to stay ahead of the curve.
Advanced Technologies and Digital Regulatory Frameworks
Jose Luis Elechiguerra, Global Head of Engineering at BBVA, is committed to continuing to evolve the bank’s technology platform to provide new capabilities that offer the best solutions for customers. To achieve this, he is focusing on disruptive technologies such as:
- Cloud computing
- Artificial intelligence
- Big data
- Biometrics
While staying mindful of digital regulatory frameworks, Elechiguerra emphasizes the importance of balancing innovation with compliance.
Prioritizing Customer Protection and Societal Well-being
By setting up a dedicated Financial Crime Prevention unit, BBVA is prioritizing customer protection, bank security, and societal well-being. As Ortega emphasizes, “This is not a traditional project focused on productivity or efficiency; we are talking about effective risk mitigation to protect customers and society.”
BBVA’s commitment to financial crime prevention is a testament to its dedication to protecting its customers’ trust and security in an ever-evolving digital landscape.