Banks are part of society. They finance families’ wishes and needs, companies’ investment projects, and make life easier for the rest of society by providing the financial services it needs. For this reason, banking institutions are essential to economic growth, with all the obligations that this entails. Banks must act responsibly in their operations, which is why they must control the risks they take on and approach their business from a long-term perspective, always with transparency. All these obligations go beyond the regulatory changes that have affected the financial sector since the start of the crisis. Many of these have not yet materialised, even though banks are already incorporating them into the way they operate. Even so, just as banks focus on their customers’ future benefit, the new regulation must not be excessively weighed down by the past, thereby avoiding it ultimately harming users of banking services.
Greater social inclusion requires the necessary financial inclusion, making it easier for anyone to access banking products, regardless of any geographical or income limitations. Banks have a clear responsibility to achieve this. According to the World Bank, financial inclusion in Spain is among the highest in Europe. However, it is never enough when we have the dual ultimate objective of achieving equal opportunities and effectively fighting poverty. It is important to bear in mind that financial inclusion does not always depend on the existence of a physical branch. Customers—current and, probably, future as well—increasingly demand an efficient multichannel approach in their relationship with their bank. In parallel, institutions must seek greater efficiency in their operations for the benefit of the customer and the shareholder. Finally, we should not confuse structural limitations—such as lack of internet access—with a lack of willingness on the part of banks to continue making progress in facilitating access to finance for the rest of society. Technological progress itself will also make it easier to successfully address cognitive limitations.
