BBVA Technology’s main focus will be on the transformation of software development.
BBVA has undertaken a strategic move to centralize its technology development services under the newly created BBVA Technology entity. This change aims to avoid duplication of efforts in projects that the financial institution had been managing through three different companies. Ricardo Jurado will assume the position of CEO of BBVA Technology, replacing his previous position as head of BBVA Next Technologies.
BBVA Technology’s main focus will be on the transformation of software development, a crucial aspect of BBVA’s engineering strategy for the coming years. Digitalization has become a fundamental pillar in the bank’s roadmap, and it aspires to lead the transformation of the banking business.
To carry out this integration of companies under BBVA Technology, the bank has acquired the stakes of some partners in these subsidiaries. Earlier this year, BBVA acquired Accenture’s 26% stake in BBVA IT. Recently, it also acquired Stratio’s 49% stake in Datio.
These companies have played a key role in the development of applications, including software for the bank’s mobile app and website. According to BBVA spokespeople, these companies contributed to the development of key functionalities in the app and website for individual and business customers, including using data to improve customers’ financial health through savings and investment recommendations.
BBVA also stresses that this move will provide more professional development opportunities for its technology talent. BBVA Technology will employ approximately 3,000 employees and will have a presence in Madrid, Barcelona and Bilbao. The objective is to consolidate the technical expertise of various teams, as well as to foster the satisfaction and loyalty of its current staff and attract new talent, given the growing demand for professionals in the technology field.