The term financial inclusion can be understood as society’s use of banking products and services. It also reflects the intensity and impact that the banking network, considering the various existing channels, has on the economy and the degree of progress of the country’s financial system. Banks are involved in all important economic decisions: purchasing a home, acquiring durable consumer goods, managing retirement savings, obtaining the credit needed to create a company, expand a market, or simply operate it, and using an efficient payment system integrated into citizens’ lives. A society without finance would be an impoverished and archaic society.
The priority of banks is the customer, and they are dedicated to offering the best service through their own channels or in collaboration with third parties, such as Correos. The commitment to reach everyone is also evident in rural Spain, which suffers from a lack of private and public services due to depopulation and aging. The benefits of financial inclusion are clear when we speak of a strong financial system, serving families and businesses, and continuously adapting to a changing social and financial reality.
The diversification of funding sources in Europe, within a single capital market, is a goal we all share and from which we will all benefit when it finally materializes. However, currently, 70% of the financing for European companies and families is bank-based, while alternative risk diversification channels are shallow, fragmented, and tend to shrink further when they are most needed. Under these conditions, banks are the solution to any threat that could restrict credit supply and the continuity of financial services.
José Luis Martínez Campuzano, Spokesperson for the Spanish Banking Association
