BBVA enjoys Black Friday bonanza

BBVA enjoys Black Friday bonanza

Spain's BBVA experienced a 400% surge in sales of one-click credit products after joining in the traditionally retailer-led Black Friday discount shopping frenzy.

BBVA boarded the Black Friday bandwagon with an exclusive commission-free online-only loan offering. The banks says that from Wednesday November 22 through Friday November 24, BBVA Spain sold one of its one-click loans every two minutes, and one every three minutes during the entire Black Friday week. In early 2015, BBVA Spain made one loan per hour.

BBVA Spain’s head of business development, Peio Belaustegoitia, says: “The activity during Black Friday confirms the relevance of digital sales across different customer segments, and the existence of a space for banking products and services within opportunities traditionally reserved for the retail world."

According to preliminary results, compared to the same period of the previous year, one-click loans (preapproved) during ‘Black Friday’ week multiplied by a factor of 4.1. Furthermore, 42.6% of customers that chose this product also took out loan protection insurance.

Traditional loan requests (for non-customers or pending approval) through online channels also increased notably compared to the same period of 2016, with one request received every 1.5 minutes. The bank says that the surge in online activity did not affect branch office sales, which maintained their average daily figures.

Comments: (1)

Hitesh Thakkar
Hitesh Thakkar - SME - Fintech startups (APAC and Africa) - India 02 December, 2017, 09:01Be the first to give this comment the thumbs up 0 likes

Awesome business figures by BBVA. Bank knows to drive digital sales as well as balance it with branch sales.