The political unanimity reached in the recent approval of the Sandbox in Congress is the clearest evidence of the conviction about the enormous benefits of creating this testing environment for financial innovation. It will contribute to learning and making better use of technologies in financial services, and will thus facilitate consumers’ access to a broader range of products and services in a secure manner. It will also enable Spain to be better positioned as a global hub for innovation and talent attraction.
In the financial sector, the health crisis has intensified the structural change that was already being observed in customer behaviour, increasingly focused on digital banking. According to the findings of a recent McKinsey survey, more than 95% of Europeans are already digital users, following strong growth in recent months that under normal conditions would have taken years. Demand for financial services grew in April by almost 20% compared with the previous year. Mastercard confirms these figures in another study, revealing that 84% of Europeans are already regular users of digital banking services. Almost 70% of respondents expect demand for this type of service to increase in the future.
Spanish society is no exception to the rule. Nor has banks’ response to this trend been, for some time. For Deloitte, the Spanish banking sector is a “digital champion” that offers a wide range of services relevant to consumers and delivers a “compelling user experience”. Spanish banks are leading Europe’s digital transformation, supporting their customers as their preferences evolve towards online and virtual systems, while also meeting the needs of those who wish to receive in-person service at branches. All of this to strengthen financial inclusion, which in Spain is universal. Ultimately, in an environment of high competition and transparency, each institution chooses the communication channel that best suits the consumer’s profile.
That is the key difference between banks and the rest of their digital competitors, something that has become clear during the pandemic. Banks serve all customers, devote themselves to meeting their needs, and support them through the most difficult times. Always ready to compete, innovation and adaptation are part of their DNA. The most recent surveys show the high value customers place on banks’ digital service offering and technological innovation. More than 45% confirm they are not interested in changing institutions. And 30% make it conditional on their future experience.
Banks are the traditional fintechs, always open to collaborating and promoting new specialised technology start-ups. Banks and these types of companies are complementary, and their collaboration is undoubtedly beneficial for both parties. For banks, fintechs are an ally in the digital transformation process that banking customers are demanding with increasing intensity. Fintechs, for their part, gain access to the deep knowledge banks have of their customers, with whom they have developed a relationship based on trust and security. However, to ensure adequate customer protection, it is essential that all financial service providers are subject to the same regulation and supervision, since the same activity entails the same risk.
José Luis Martínez Campuzano, Spokesperson for the Spanish Banking Association
