In a press release on Wednesday (Aug. 15), BBVA Compass said it will integrate budgeting and spend tracking tools later this year. The financial tools, which are already available through its online banking platform, will be added to BBVA’s mobile app.
The new tools include spend management, which categorizes spend for greater visibility of how users spend their funds; budgeting, which provides monthly budgets for users; and accounts, which lets users link other accounts into the BBVA mobile app for a more holistic view of finances.
The bank noted that the upgrades follow additional features added to the app earlier this year, including access to personal or business lines of credit, the Green Button to more quickly apply for banking products, international transfer capabilities, card activation and disable features, and others.
“With a consistent increase in mobile penetration among our customer base year-over-year, we know customers are using our mobile app to manage their finances and their financial health,” said BBVA Compass Head of Online and Mobile Banking Alex Carriles in a statement. “Because controlled spending and budgeting are key to long-term financial health, it’s important for us to have tools that help them do these important tasks in the platform they most prefer.”
He added that BBVA Compass is focused on continually introducing new features to its mobile banking services based on customer feedback.
Advertisement: Scroll to Continue
Earlier this year, the FI announced the addition of RealTime Positive Pay and RealTime ARP solutions for corporate customers. Its Positive Pay feature provides real-time fraud alerts, while the ARP tool automates reconciliation of check payments and streamlines reporting processes.
In addition to adding new functionality internally, BBVA has expanded its services by collaborating with third-party service providers. In July, the firm said it partnered with Xero, which can now automate data entry from BBVA Compass accounts into the Xero accounting platform.
