BBVA’s CEO details impact of FinTech on incumbents

Carlos Torres Vila, CEO of Spanish banking giant BBVA, shared his insights on fintech’s impact on business strategies at incumbent banks, including BBVA, at a conference on Thursday. Vila outlined several key ways that the rise of tech-savvy rivals has caused incumbents to adapt: A greater focus on technology. Vila said technology’s ubiquity has changed customer habits, generating demand for easy-to-use, cheaper banking products. This, he said, has caused incumbents to do things like shift more to mobile to avoid being disintermediated. Vila added that more banks are leveraging new technologies to make their back-end operations more efficient and competitive with insurgents’ nimbler structures. Read more: