BBVA announced yesterday (April 15) that it has acquired San Francisco-based Spring Studio — a user experience and design firm — to help the banking group enhance its digital efforts by ramping up its digital design and technology.
The intent of the acquisition, the company said, is to help BBVA grow its digital banking offerings and keep up with the fast-paced evolution of the banking ecosystem that demands that banks play into their customers' needs.
"The importance of user experience and design is growing exponentially in banking and with Spring Studio we can move into fast-forward mode with our design ambitions," said Carlos Torres Vila, head of Digital Banking at BBVA. "The level and depth of design talent at Spring Studio is outstanding."
Through the increase in mobile banking customers, BBVA said it has recognized the importance of optimizing its digital products for its customers. Having a more user-friendly interface will help the company achieve its digital goals. Bruce Randall, co-founder and president, and Sanjay Shamdasani, co-founder and principal user experience strategist, will stay on the leadership team.
Spring Studio started in 2001, and through BBVA's acquisition the company will still operate as an independent firm — but will turn its focus towards BBVA's projects.
"We are going to be part of the most progressive and ambitious financial institution, delivering the next generation of digital banking products and services that will help people be smarter about their money," Randall said.