Banks are making significant and continuous efforts to adapt to changes in their customers’ habits and the environment. This is fundamental for any company, as reflected by the daily decisions companies make in this environment of accelerated change driven by digitalization.
The IMF considers that digitalization in the provision of financial services is an element of financial inclusion in developing countries. In more advanced countries, it strengthens transparency and competition with the incorporation of new technological players. Competition is another characteristic of banks, but it must always be on equal terms to guarantee customer protection and avoid risks to financial stability.
It is true that the speed of change can be dizzying. Today’s increasingly digital society demands continuous innovation to respond to emerging challenges. In the case of banks, the objective is to adapt and even anticipate changes in customer preferences and continue to offer them the best service, regardless of their technological skills. Unstoppable digitalization means including everyone, ensuring no one is left behind.
Banks are competing effectively in this new environment. This also requires adapting their internal structures. It is estimated that globally, digital developer teams in banks and insurance companies increased by 26% in 2022. In Spain, some of the main banks are increasing their staff, after years of adjustment following the sector’s restructuring due to the financial crisis, and to meet the demands of all their customers, regardless of their digital preferences.
José Luis Martínez Campuzano, spokesperson for the Spanish Banking Association
