Digitalization plays a key strategic role in helping BBVA achieve the goal it has set of becoming the best digital bank in Mexico. Every year, BBVA strives to maintain the growth of customers who use digital channels and mobile apps. The creation of digital products and services for customers is the centerpiece of the BBVA Group's global digital transformation initiatives, which focus on biometric technology and enhancing user experience and security.
BBVA is the largest financial institution in Mexico that dominates about 20% of the market. It is a subsidiary of Banco Bilbao Vizcaya Argentaria (BBVA), one of Europe's leading financial groups that is considered one of the largest in the eurozone. BBVA operates throughout Mexico, serving customers through an extensive branch network and other distribution channels such as ATMs, banking correspondents, POS terminals, internet, and cell phones, among other things. The largest Mexican bank had in 2019 over 10.1 million digital clients and 9.6 million mobile customers.
As global internet access increases, so does the amount of cyberattacks. In 2019, for example, $17,700 was lost each minute due to phishing scams. Protecting customer's assets and brands is a core cybersecurity challenge that requires an in-depth approach different from the classic two-factor authentication based on usernames and passwords with a second factor such as a one-time password. To protect the authentication process as well as identities, new technology is needed for enhanced security.