BBVA trials Amazon platform for banking products
Spanish bank BBVA has teamed up with Michelin star restaurant El Celler de Can Roca to launch a series of new products on Amazon.
El Celler de Can Roca utilises a recycling program through which it turns material waste from its restaurant into products that can be sold through a portal on Amazon.
BBVA is partnering with the firm to explore the opportunities that may come with selling banking products on the platform.
A partnership with the restaurant will enable the bank to “trial the functionality of the world’s largest ecommerce portal”.
BBVA claims to offer more than 60% of its existing product portfolio through digital channels and hopes that selling through Amazon would be a way to extend this focus.
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“Amazon has not yet moved into selling financial services directly,” the bank writes in a statement, “and BBVA recognises that financial institutions must adapt to this way of selling.”
The Bank announced a three-year extension to its partnership with the restaurant in December 2019.
“This is not a typical sponsorship deal; but a very special partnership through which we’ve all learnt some very important lessons,” said Óscar Moya, global head of marketing at BBVA at the time.
“We are thrilled to have this opportunity to keep exploring new and exciting projects with the entire El Celler team for three more years.”