With Black Friday 2017 behind us, it is a good time to assess the damage and gains. For BBVA, this year has proven to be exceptionally good. The financial institution noticed a 400% surge in one-click credit products. Publicly offering a special product or plan during this time of year is beneficial for any form of business, including the banks.
To put this into perspective, BBVA offered a commission-free online-only loan during Black Friday. This offer was valid from November 22nd until November 24th. With one of those one-click loans being sold every two minutes, things certainly got interesting for the Spanish bank. Moreover, during the entire Black Friday week, they sold one of these loans every three minutes. No one had expected such rapid growth whatsoever.
Black Friday was Successful for BBVA
When the busiest shopping period of the year approaches, consumers are more prone to spending money on goods and services. It is an opportune time of the year to offer some new services. Especially if those are only available for a limited amount of time. This product was offered during the same period last week as well. However, 2017 saw 410% more sales generated in the same period. This year, consumers were also more willing to purchase loan protection insurance. An interesting statistic, to say the least.
BBVA Spain’s Head of Business Development Peio Belausteguigoitia comments:
“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.”
It is evident loans will always remain an important business for financial institutions. Offering such services through an online portal is the right approach in this day and age. This also affects more traditional loans, which is rather surprising. BBVA noted one request every 1.5 minutes for traditional loans, which is incredibly impressive. None of these online requests diminish branch office sales by an means. It will be interesting to see how this situation evolves in the coming years.
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