Interview with our spokesperson, Jos\u00e9 Luis Mart\u00ednez, in GMVnews magazine.<\/p>\n
With over 40 years of existence, the Spanish Banking Association (AEB) has witnessed firsthand how the financial sector has transformed. What role has AEB played in this transition? <\/strong><\/p>\n Spanish banks have innovation in financial service provision in their DNA and have demonstrated their enormous capacity to adapt to changes in the environment in which they operate. These two characteristics have always translated into new benefits for their clients, with AEB as a witness. The Association is dedicated to serving its members, defending their interests within the framework of free competition and respect for the work of the authorities. <\/p>\n According to AEB data, banks already offer 73% of their services through digital channels. What advantages and disadvantages would you highlight that digitalization brings to the financial sector? <\/strong><\/p>\n The digital transformation in the provision of financial services accompanies the transformation of society itself. Customers demand from their bank the same things they demand in other areas of their lives: flexibility, speed, transparency, and security, all available 24 hours a day. Digitalization reinforces the already high financial inclusion in Spain. Spanish banks offer more digital financial services than their European competitors and at a lower price. From AEB, we see no disadvantages in this process, from which we can all benefit. <\/p>\n Moving from traditional banking to digital banking entails a cultural change that affects not only employees but also customers. How is the sector working to carry out this transition?<\/strong><\/p>\n Customers are the ones who demand new communication channels from banks and set the pace for digitalization. The banking sector works to meet their needs while offering good services at an attractive price to all its customers, both those who prefer in-person and remote assistance. In Spain, three out of four banking services are free, which is not the case in Europe. We are also the second country in Europe in terms of branch density per inhabitant. <\/p>\n One of the changes that has occurred is the incorporation of new players into the scene, such as FinTech and BigTech. How is the banking sector facing this?<\/strong><\/p>\n Banks, which are the original fintechs, as this term refers to the application of technology in the provision of financial services, collaborate well with these types of new technology companies and even promote new entrants in the financial sector. However, to ensure adequate customer protection, it is essential that all financial service providers are subject to the same regulation and supervision as banks, since the same activity implies the same risk. In the new digital era, with the incorporation of large technology companies into the financial world, authorities must ensure customer protection, financial stability, and competition in the medium and long term for the benefit of all. <\/p>\n Banking is one of the preferred targets for cybercriminals; some sources confirm that threats increased by more than 20% during 2019. Is the Association promoting measures to raise awareness of this reality, and would you mention any? [TIBER-EU (Threat Intelligence-Based Ethical Red Teaming)] <\/strong><\/p>\n Cybersecurity is a priority for banks, which employ all available means to guarantee the security of their customers’ personal and financial data and to address future risks. Despite their proven experience in protecting customer data, banks continuously review their capacity for defense, detection, and response to cyberattacks. As banks strengthen their protective barriers, cyberattacks shift towards the weakest link in the chain: the customer. For this reason, AEB periodically conducts public awareness campaigns, some in conjunction with state security forces, to help prevent cybercriminal attacks. The latest campaign, carried out in February, focuses on practical advice for downloading mobile applications. <\/p>\n With the recent entry into force of the European PSD2 (Payment Service Providers) regulation to strengthen the security of electronic payment services and the entry of new operators, what is your opinion? Do you consider it a business opportunity for technology companies? <\/strong><\/p>\n The European regulator, in the process of reviewing the payment services directive, pursued two main objectives: to foster competition and minimize security risks. For the first, it incorporates new services that were emerging in the digital environment into payment regulation: payment initiation and account information services. Insofar as the latter require access to accounts that customers primarily hold with banking entities, it establishes the security levels that must be met for both account access and any electronic payment operation. Banks have been among the most innovative and pioneering actors in adopting new technologies. This trend will not change, so PSD2 will mean an offering for the financial market that aligns with the needs of increasingly digital users. In this regard, it is important that there is equality of opportunity between banks and new operators for data sharing. <\/p>\n For the third consecutive year, BBVA remains the global leader in mobile banking, according to the international consultancy Forrester Research. Is the Spanish financial sector a benchmark in digitalisation? Where does Spain stand in this area compared with other countries? <\/strong><\/p>\n Financial innovation has always been key to economic development and prosperity. Spanish banks lead the sector’s digitalization process in Europe, as demonstrated by their leadership in instant transfers and the development of Bizum for payments. <\/p>\n <\/strong>What innovative technologies are being employed by the banking sector in its digital transformation, and how?<\/strong><\/p>\n All new technologies have enormous potential to improve or even change how things are done, but their maturity level is very uneven at the moment. For example, biometric tools for customer onboarding have a much higher implementation level than blockchain technology, where some projects are still in the analysis phase. The deployment of artificial intelligence tools can have a very positive impact on numerous areas and services, such as risk assessment models, fraud prevention, and, naturally, the development of new products. All of this will require technologies such as cloud computing or big data analytics tools. <\/p>\n