Banks benefit by partnering with fin-tech companies, says Manolo Sanchez, CEO of BBVA Compass. "Partnership is more of a win-win that creates new businesses so you're not left behind as just a utility provider," he said. Sanchez said the mobile wallet is the most exciting bank technology he sees right now.
The project cost $360 million and took more than three years to install, but BBVA Compass is now reaping the benefits of upgrading its core banking system. "People don't want to hear that real time is the biggest technology we all need to adopt, but in a way it's as simple as that," said Manolo Sanchez, chairman and CEO of BBVA Compass.
BBVA Compass takes a "multi-tier approach" as a lender and investor to have an effective presence in the community, says CEO and Chairman Manolo Sanchez. The bank has pledged $11 billion in investments and loans to low- to moderate-income communities and individuals, including the new Home Ownership Made Easier program. Technology is also a key area for the bank.
Manolo Sanchez, head of BBVA Compass, says the bank's international operations have helped drive recent technology improvements that speed consumer banking transactions. "We have seen how banking technology has become a feature in many other markets," he said. "There's a whole generation coming that ... they don't go to a bank branch, they don't know what that is for."
Manolo Sanchez, president and CEO of BBVA Compass since late 2008, explained how the bank has been successful despite the global financial crisis and ensuing economic downturn. "We didn't touch any toxic assets that were the root of problems" for many financial institutions, Mr. Sanchez said. He also discussed the bank's outlook and plans. "We're serious about growing," Mr. Sanchez said, though "quality is more important. We want to be the best bank in Alabama."