The digital transformation of society is unstoppable. The health crisis has only accelerated a process in which we were already immersed. There are fewer and fewer sceptics about the enormous benefits it brings, among which communication stands out, as we were able to see during the lockdown. But the opportunities it offers to access all kinds of goods and services quickly, flexibly and transparently are also essential. And, especially, to do so securely, under rules of conduct that we all, as users, must have internalised.
It is easy to understand why the number of digital users is growing exponentially. Companies are aware of this, which explains their interest in opening up to the digital world their customers are asking for. For banks, digital communication with their customers is a priority, without this meaning a reduced service through the physical branch. It is simply a matter of providing the best possible service through the channel consumers choose. That should also be the strategy to be followed by other companies and sectors.
The combination of technology and transparency allows all of us to compare the different offers available and even take into account the previous experience of other consumers. The user experience is the hallmark of any decision-making process on the internet. And with very low information search costs, which makes it possible to compare different offers more effectively and strengthens competition to the benefit of the consumer. Freedom of choice is thus supported by all the information available, which in turn validates the customer’s responsibility for the decision taken.
Taking out home insurance online when applying for a mortgage loan is a specific example of the benefits of the internet. Families have complete freedom to choose both the policy features and who provides it, as new technologies make it possible to compare different providers with full transparency, simplifying the process and enabling cost savings by eliminating intermediaries. Digitalisation ensures that the insurance contracting process is effective and more efficient. As with the rest of the range of financial products, it is advisable for the customer to compare the wide range available and choose the policy with the best terms that best suits their preferences.
Feeling secure when carrying out any financial transaction and deciding who will carry it out and how—either in person or through digital means—is being able to choose. What is essential for the financial customer is being able to control their decisions and do so with complete confidence and security. Adaptation and innovation are in banks’ DNA, which determines the high level of competition in which they operate. They are subject to strict rules of conduct and rigorous supervision, focused both on customer protection and on preserving financial stability.
José Luis Martínez Campuzano, spokesperson for the Spanish Banking Association
