HOUSTON, Dec. 6, 2016 /PRNewswire/ -- BBVA Compass' idea to improve access to banking has been introduced in the House of Representatives in the form of HR 6287, also known as the MOBILE Act.
The bill would bring consistency to various state laws that limit a bank's ability to use an image of a state-issued identification card for the purposes of opening an account via a mobile phone or online. BBVA Compass and other financial institutions have developed apps to help clients open up accounts without having to visit a branch or office, but there are roadblocks in fully implementing those services, according to BBVA Compass Head of Mobile and Online Channels Alex Carriles.
"There are obstacles on the path to digital transformation due to inconsistencies in state and federal policy that prohibit photographing or photocopying a driver's license or state-issued ID," said Carriles. "That poses a problem for a lot of people, including those who are unbanked or underbanked, who have to visit branches to open accounts. That also poses a problem for our mission of bringing the age of opportunity to everyone."
When opening an account, the envisioned process would require consumers to take a photograph of their driver's license or other state-issued identification card, and a photograph of the consumer's face, so that their identity can be verified electronically. The FDIC concluded in a recent report that mobile banking is best positioned to "meet the day-to-day financial services needs of underbanked consumers as well as consumers at risk of account closure."
The bill is an effort by BBVA Compass to further its mission to bring the bank's digital products to everyone.
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About BBVA Group
BBVA Compass is a subsidiary of BBVA Compass Bancshares Inc., a wholly owned subsidiary of BBVA (NYSE: BBVA) (MAD: BBVA). BBVA is a customer-centric global financial services group founded in 1857. The BBVA Group is the largest financial institution in Spain and Mexico, has leading franchises in South America and the Sunbelt region of the United States and is also the leading shareholder in Garanti, Turkey's largest bank based on market capitalization. Its diversified business is focused on high-growth markets and it relies on technology as a key sustainable competitive advantage. Corporate responsibility is at the core of its business model. BBVA fosters financial education and inclusion, and supports scientific research and culture. It operates with the highest integrity, a long-term vision and applies best practices. The Group is present in the main sustainability indexes. More information about the BBVA Group can be found at bbva.com.
About BBVA Compass
BBVA Compass is a Sunbelt-based financial institution that operates 674 branches, including 345 in Texas, 89 in Alabama, 75 in Arizona, 62 in California, 45 in Florida, 38 in Colorado and 20 in New Mexico. BBVA Compass ranks among the top 25 largest U.S. commercial banks based on deposit market share and ranks among the largest banks in Alabama (2nd), Texas (4th) and Arizona (4th). BBVA Compass was recently named Best Digital Bank in North America by global finance magazine Euromoney and the best regional bank in the South & West and best mobile app in Money magazine's 2015-2016 list of the Best Banks in America. Additional information about BBVA Compass can be found at bbvacompass.com, by following @BBVACompassNews on Twitter or visiting newsroom.bbvacompass.com.
BBVA Compass is a trade name of Compass Bank.
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SOURCE BBVA Compass