The pandemic brought lockdowns, curfews, border closures and many other exceptional measures imposed by the authorities to fight the virus. In those turbulent times, we turned to the already thriving digital transformation to try to keep moving forward. In doing so, we gave it the definitive boost to make it a fundamental part of our lives, if it was not already.
Beyond the terrible human tragedy and the economic cost we have borne, the pandemic has forced us to seize the opportunities offered by digitalisation and the use of the internet in the most difficult moments: from remote working to access to private and public products and services, as well as entertainment and communication, which was key during isolation and continues to be so now as we begin to return to normal.
For the IMF, digitalisation is the main tool for fostering social inclusion and driving economic development, diversity and sustainability in less developed countries. In other countries, we do not usually think about the advantages of digitalisation because we have already internalised them and benefit from them in our day-to-day lives. Rather, we tend to be aware of the current limits of digitalisation: insufficient connectivity and digital skills in some cases—two aspects that the authorities have committed to improving and that Europe wants to address. For this reason, more than 20% of European funds must be devoted to the digitalisation of the economy and society, without losing sight of the fact that the goal is to unite, not divide.
The existence of a digital divide is evident in countries like Spain and goes beyond the age or socio-cultural characteristics of individuals. The key is for each person to have the opportunity to adapt to digitalization at their own pace, so that it serves as an enabling tool – and not the other way around – and improves their quality of life. It is evident that individuals have freedom of choice or may be limited in their decisions due to their different abilities, without this implying a detriment to access to any public or private service. Spanish banks are clear on this, and therefore lead digital transformation in Europe while maintaining one of the largest networks of commercial branches, which they combine with many other channels, with the ultimate goal of offering their services to all customers, everywhere. Their priority is to strengthen high financial inclusion, one of the highest in Europe.
While banks adapt to their customers’ wishes and capabilities, customers must also be aware of the opportunities and risks involved in the transformation of society. Cybersecurity, for example, is a priority for governments and companies, and it must also be a priority for each and every one of us as individuals. Banks guarantee the same security to their customers regardless of the communication channel they choose. However, customers must also be aware of their role in protecting their personal and financial data.
We must not forget that digitalisation, which keeps us constantly connected and expands the reach of our world, also opens the door to new threats that target our data—the most valuable treasure in the information society. Data are the key to accessing our resources and can also be used to attack others.
Advancing society’s digital skills will enable us to make the most of the digital revolution we are experiencing. We tend to think that cyberattacks are things that happen to others, but today we can all be victims of a cyber scam. Caution and common sense are our best allies in the fight against cybercriminals.
Banks, like many other companies, are immersed in a constant process of transformation, full of challenges and opportunities in a highly competitive world, shaped by ever-increasing customer demands. And they compete well, as survey results show. Almost 80% of customers give a score of 7 or higher to the institution they bank with. The average score is 7.5 across all age groups, according to Funcas.
Digitalisation was a lifeline during the pandemic and is already part of our present and our future. It is intrinsic to innovation, the true engine of transformation in society and the economy, and the answer to humanity’s major challenges, thanks to its ability to help us move forward and improve our quality of life. Although it requires an initial effort to adapt, this is a small cost compared with the advantages it can bring to our day-to-day lives.
José Luis Martínez Campuzano, spokesperson for the Spanish Banking Association
