Receive the latest articles for free. Click here to get the Mobile Commerce Daily newsletters.
BBVA Compass taps budgeting app to smooth way for prepaid cardBy
BBVA Compass is attempting to differentiate its new prepaid card with a mobile application that automatically learns spending habits and suggests customized budgets.
While banking has moved towards mobile and digital performance, more and more payment management applications have emerged and BBVA is joining the competition with its own app that allows users to control a prepaid debit card. Consumers are focusing on tracking their budgets along with security, and the financial service is hoping to entice those looking for solutions to these problems through its app.
“The prepaid market has been going more mainstream with consumers, across all ages and income levels, using the cards to manage their finances,” said Melissa Jankowski, director of issuing at BBVA Compass. “BBVA Compass ClearSpend aims to capture more of that market by helping clients’ better monitor purchases and control spending.”
Navigating through mobile
BBVA Compass ClearSpend is a Visa that operates as a prepaid debit card. Users load the debit card with the amount they choose and manage the account and budget through its accompanying mobile app.
The prepaid debit app automatically creates a personalized budget for the user without any prompting following 30-day use. Each individual will receive a budget that is tailored specifically to them and their spending habits.
The user can adjust the mobile budget in an attempt for the app to be more effective. The debit card can also be put on hold immediately through the app if it is ever lost or stolen.
Users receive real-time updates tracking purchase information and spending habits.
Prepaid financial services are becoming increasingly popular as it offers a more secure method in payment, as well as a stronger grip on controlling spending. It is vital for ClearSpend to coincide with a app, as the majority of consumers are controlling their banking through mobile.
The app offers a convenient process in tracking finances, and is key as many consumers seek out these services while on the go and shopping. Individuals are looking for paths around avoid overdraft and check-cashing fees, and ClearSpend is offering that.
BBVA Compass goals
BBVA Compass also sought to strengthen its relationship with mobile customers with the launch of an application that includes an action menu designed to speed up the completion of financial tasks, pushing the bank forward in the mobile space (see more).
Also, Bank BBVA Compass launched a basketball-themed mobile gaming application aimed at spurring social media engagement to drive brand awareness and build client relationships (see more).
Brielle Jaekel is editorial assistant at Mobile Commerce Daily
Like this article? Sign up for a free subscription to Mobile Commerce Daily's must-read newsletters. Click here!
leave a response, or trackback from your own site.