Spanish multinational financial services company BBVA has signed a Whole Portfolio Agreement (WPA) as part of a strategic alliance with Cisco.
Under a five-year agreement, the WPA provides BBVA with faster access to Cisco’s software offering and customer experience services. This makes the BBVA the first European financial services institution to sign a WPA with Cisco in Europe and Latin America.
José Luis Elechiguerra, BBVA’s Global Head of Engineering, commented: “BBVA’s partnership with Cisco is more than a supplier-customer relationship.
“After eight years of working together in a strategic alliance, BBVA’s offices and employees around the world will have access not only to Cisco’s current technological developments but also to future ones.
In detail, Cisco will provide cybersecurity, data centre, networking and services solutions, spanning operations in multiple countries.
Additionally, the deal simplifies management by strengthening 3,000 individual contracts into a single, unified agreement, thereby streamlining BBVA’s global technology operations and optimising efficiency.
Jordi García, Global Head of Strategy, Finance and Engineering Control at BBVA, said: “In addition, the agreement allows BBVA to achieve significant improvements in efficiency and productivity.”
Efficiency has been at the heart of BBVA’s strategy over the past few years. The financial service merged its three tech firms last year in order to enhance and map out more strategic offerings.
Oliver Tuszik, President of Cisco’s Europe, Middle East and Africa (EMEA), remarked: “We are proud to support the continued growth of one of the world’s leading financial institutions. For more than a decade, BBVA has been a pioneer in the digitization of banking in Spain and worldwide, placing the customer experience at the centre.
“During the next stage of our strategic partnership, we will jointly harness the power of Cisco’s entire portfolio of solutions, including the latest AI-powered innovations, to accelerate BBVA’s digital transformation.”
