The ability to feel secure when conducting any financial transaction and to choose who performs it and how, whether in person or through digital channels, constitutes freedom of choice. For financial clients, it is fundamental to control their decisions and execute them with complete confidence and security.
According to the latest Financial Innovation Barometer by Funcas and Finnovating, corresponding to the second quarter of last year, the majority of users (81%) conduct three out of four transactions with the same credit institution. On average, more than 88% of transactions are carried out through their primary bank. The Spanish banking system is characterized by a long-term relationship between the institution and its clients, built on mutual trust, which is highly valued by clients. According to the previous survey, nine out of ten clients approve of their usual financial institution in terms of overall satisfaction. More than 20% consider their relationship with their bank to be excellent.
Banks participate in all significant economic decisions made by families. Their priority is to operate efficiently, focused on offering solutions to their clients. What is positive for the banking sector is also positive for its clients and is subject to their decisions. The banking sector remains the primary means through which the desire of savers to have their savings available can be harmonized with the need of fund seekers to have stable financing over time. Banks are creators of wealth and prosperity.
Nine out of ten clients perceive that their financial institution offers alternatives to traditional products, according to the Barometer. Furthermore, more than half of users state that they can contract the same financial services regardless of the channel used. Despite the entry of new competitors from other sectors, more than 60% of clients would rule out a non-banking entity as their first choice for a financial provider. Therefore, although these new companies have the advantage of not having to maintain a physical network of offices and are not subject to the strong regulation that banks face, banks compete well and remain preferred by clients. Banks adapt to the growing digital demand from their clients but continue to offer the best possible service to those who occasionally opt for the traditional branch or find it difficult to adapt to society’s digital transformation.
Almost all banking clients consider the service received through digital channels to be adequate for their needs. Customer experience is key when designing the strategic planning of any company. Digitalization not only improves transparency in the provision of goods and services by companies but also increases and facilitates business competition. Banks are no exception, and technological development allows them a new way of relating to clients. Clients demand the same flexibility, speed, and convenience from their institutions as in their daily operations—facilities that banks offer—in addition to the possibility of comparing different products and services with complete confidence and security. The security provided by banks is fundamental in a digital world.
Price and security are the two most valued variables by users when choosing their financial service provider. These are two qualities for which Spanish banks stand out compared to their European competitors.
José Luis Martínez, Spokesperson for the Spanish Banking Association
