{"id":36551,"date":"2019-02-27T00:00:00","date_gmt":"2019-02-26T23:00:00","guid":{"rendered":"https:\/\/aebanca.es\/actualidad\/te-interesa\/articulos\/building-the-financial-services-of-the-future\/"},"modified":"2026-04-09T12:43:20","modified_gmt":"2026-04-09T10:43:20","slug":"building-the-financial-services-of-the-future","status":"publish","type":"articulos","link":"https:\/\/aebanca.es\/en\/actualidad\/te-interesa\/articulos\/building-the-financial-services-of-the-future\/","title":{"rendered":"Building the financial services of the future"},"content":{"rendered":"

Last Friday, the Council of Ministers gave the green light to the Draft Bill for the digital transformation of the financial system<\/em>. This is undoubtedly great news for the Spanish Fintech ecosystem, made up of both established financial institutions and a broad range of newly created and established financial technology companies which, together, had been calling for a framework to protect and encourage the innovation process. <\/p>\n

And this is precisely what the Draft Bill seeks to achieve, as its flagship measure provides for the introduction of a testing environment, or regulatory sandbox, in our market. An instrument that\u2014similarly to what happens in the context of clinical trials\u2014allows controlled and clearly defined testing within a project that delivers technological innovation applicable to financial services. A safe testing ground in which all financial firms can trial<\/em> their new value propositions without putting the system as a whole at risk. <\/p>\n

If one takes a closer look at the countries where the sandbox is already in place, it is possible to infer some of the areas in which this tool can contribute to the adoption of technological innovation. On the one hand, there are projects aimed at testing the potential of new technologies to make institutions\u2019 internal processes more efficient. Examples include the application of distributed ledger technologies<\/em> (better known as blockchain technologies) to improve compliance-related aspects, or the combined use of data and artificial intelligence to enhance risk assessment models. On the other hand, there would be projects focused on expanding and improving the range of products, or even tackling major challenges such as financial inclusion and financial education. For example, those focused on how the use of new digital relationship channels\u2014such as mobile\u2014gives rise to new ways of providing information to consumers\u2014through gamification<\/em>, for instance\u2014improving the customer experience and financial education. <\/p>\n

However, the Draft Bill also includes other measures with enormous potential to respond to the challenges introduced by the application of new technologies and increasing digitalisation. Among these measures, it is worth highlighting the creation of new communication channels with the authorities to build confidence among innovators; a written consultation mechanism to address regulatory aspects and provide greater regulatory certainty for new business models; and specific provisions for applying the principle of proportionality<\/em>\u2014a fundamental aspect to better calibrate rules according to activities and risks, and to ensure there are no unjustified obstacles to innovation. <\/p>\n

In addition, the text provides for the creation of a strengthened framework for coordination and collaboration among the different authorities, as well as an accountability system, so that the lessons learned from supervising the sandbox and from the various channels of engagement with companies can drive the necessary changes to the regulatory and supervisory framework for financial activities.<\/p>\n

In short, the aim is for the authorities to understand and incorporate into the performance of their functions the changes brought about by digital transformation, in order to support and facilitate socially positive innovation\u2014that is, innovation developed in a safe environment, without jeopardising consumer protection and financial stability. Innovation that seeks to boost the productive economy and reach the market in terms of growth and employment; that enables companies in our country to compete with other jurisdictions and positions our financial market at the forefront of new technological developments. Innovation that, ultimately, brings progress and value to our society. <\/p>\n

From the banking sector, we welcome this initiative very positively, and we can only hope that political developments do not unduly delay the implementation of this framework. In the race for innovation, time is money, and a delay can mean a missed opportunity. <\/p>\n

The legislative proposal is undoubtedly one of the most transformative and ambitious currently in Europe. Spain could emerge as one of the most suitable environments for technology-based financial innovation. We have a banking system at the forefront of digital transformation, we have a vibrant startup ecosystem, and we have ambition. We may not have been the first to do it, but we certainly have the opportunity to make a strong entry and build the financial services of the future. Let us do it. <\/p>\n

Lorena Mullor, <\/strong>Digital Banking Adviser at the Spanish Banking Association<\/strong><\/p>\n

Download the article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The Council of Ministers has given the green light to the Draft Bill for the digital transformation of the financial system. 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