MADRID and NEW YORK, Nov. 27, 2012 /PRNewswire/ -- BBVA and Accenture announced on Tuesday a landmark technology systems upgrade at BBVA Compass, giving the Spanish bank's U.S. subsidiary one of the first real-time processing systems in the U.S. banking industry.
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 deposit account to as little as five minutes from more than 40, and reduces time to market for new products by up to 75 percent.
"The core platform makes BBVA Compass significantly more competitive," said Manolo Sanchez, BBVA Compass chief executive and BBVA country manager. "We're more efficient, but equally important, we can offer a virtually unmatched level of transparency and simplicity to our customers giving us a unique position among U.S. banks."
Accenture provided its Alnova Financial Solutions™ software to BBVA Compass and helped the bank implement the new system."Technology transformations of this kind can have a major impact on the market position of banks –particularly in the U.S. where aging systems are prevalent," said Juan Pedro Moreno, global managing director of banking at Accenture. "Again and again around the world, BBVA has shown a unique client-centric focus and command of operational excellence and technology innovation." 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 deposit platform and will soon provide the engine for its consumer and business lending, including mortgage, capabilities. The new infrastructure also will be fully integrated with BBVA Compass' branch and ATM networks, call centers and online and mobile banking services. "Our core system transforms the banking experience for our customers and for our employees," said Sergio Fidalgo, BBVA Compass chief information officer. "Our customers save time, and our branch employees have more time to spend meeting their clients' needs. In short, the Alnova technology allows for more productivity."
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts