— offer digital money management tools similar to BBVA's, building automatic savings into an existing bank account could make the feature more appealing to consumers. Simple CEO David Hijrida said, "We established Round-up Rules as a painless way to start saving money a little at a time."
This strategy is proving effective and attractive to consumers — 18,000 Simple customers have opted into the feature thus far, saving an average of around $67 each. It could also encourage consumers to use their Simple debit card more frequently, thereby increasing engagement with their accounts with the bank.
BBVA USA is going through a digital transformation, and building out Simple with features like Round-up Rules could help that effort. BBVA USA took a hit in , reporting a net loss of $331 million for the quarter, but its digital transformation efforts point to a brighter future. The bank has already shown improvement on that front: BBVA USA leapt into third place out of 20 banks included in Business Insider Intelligence's 2019 US Mobile Banking Competitive Edge study in terms of banks with the most desirable mobile banking features — up from ninth place in 2018 — on the strength of its transfer and account management capabilities.
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Source: BusinessInsider - 🏆 729. / 51 Read more »