Through this expansion, BBVA aims to leverage its suite of digital offerings initially designed for retail customers. This strategic adjustment will help corporations by offering reliable access to Garanti BBVA's remote banking services. Moreover, the onboarding process enables businesses to open bank accounts via the mobile app, eliminating the need for physical branch visits.
Traditional banking methods – by branch, phone or ATM – aren’t appealing to customers, particularly since 2020. Many banks closed branches during the COVID-19 pandemic or limited branch hours, and customer service call lines are often backed up. Therefore, many banking customers have taken advantage of digital banking options over the past few years, all the operations being conducted entirely either through a website or mobile app.
The benefits of online banking are significant and wide-ranging, such as the convenience of managing finances from anywhere, the security of encryption and multi-factor authentication, and the potential for savings on fees and interest rates. As follows, customers can access their accounts at any time, from any location, and perform a wide range of transactions, such as checking account balances, transferring funds, paying bills, and applying for loans.
Considering this digitalisation drive on the financial market, Garanti BBVA's strategic move aligns with its vision to provide digital features, delivering a streamlined banking experience for corporate clients, SMEs, and individual entrepreneurs through technological expertise.
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