Society is constantly changing and modernizing. The values that governed behavior in the past have changed and will continue to do so in the future. Banks adapt to new times and the demands of their customers to fulfill their objective of providing the best service to society. <\/p>\n
In this adaptation process, it is essential that banks operate in an environment of legal certainty so that new current legal standards cannot be applied to situations from previous times. Observing the past with critical and constructive eyes can be very beneficial, provided there is no attempt to penalize behaviors or activities that were normal in other times using today’s parameters. Legal retroactivity represents an unfair revision and a threat to the stability of a sector fundamental to the progress of all. Because the well-being of people and companies requires an adequate provision of goods and services in which the financial sector plays an undeniable leading role and needs to operate knowing the rules of the game. <\/p>\n
Banking activity is based on mutual trust between the customer and their bank. This precious material that sustains the relationship between the two is very delicate: it takes a long time to establish, but can be lost very quickly for reasons often beyond the control of both. <\/p>\n
Customers in Spain have a very positive perception of their own bank, which contrasts with a distorted image of the sector as a whole. According to a recent study by Deloitte, Spanish banks offer a greater number of financial services at a price 58% lower than their European competitors. In our country, entities offer more services than their peers in the Old Continent. Furthermore, three out of every four banking services in Spain are free, something that does not happen in Europe. <\/p>\n
However, the wounds of the crisis are still so deep that they make it difficult to process the reality reflected by certain facts, such as that AEB banks have strengthened in recent years without receiving public aid. Quite the contrary, they have contributed their own resources to the rescue of entities in trouble. <\/p>\n
As could not be otherwise, society is now much more demanding of banks. New technologies reinforce the power of the customer in the relationship with their entity in an environment marked by very strict banking regulation and much more demanding supervision than in the past. Banks do not only adapt to the new situation presented to them, but also take the initiative to improve, as reflected by the transformation in banking culture driven by two engines: responsible practices and sustainable finance. <\/p>\n
The far-reaching changes that have occurred affect both the governance of credit institutions and remuneration policies. A series of general principles have been established, highlighting the need to align remuneration policy with the entity’s risk profile and make it compatible with its obligations, values, and long-term interests, as well as with the achievement and maintenance of a solid capital base. On the other hand, sustainability has become one of the priorities in banking activity, with banks already showing their commitment to promoting a common response to social and environmental challenges by integrating responsible banking principles into their daily operations. <\/p>\n
Banks need clear and stable rules over time to perform their work of financing growth and generating prosperity, managing family savings, and offering the financial services that other agents require. For the good of the consumer, they welcome new competition that uses technology to improve efficiency in the provision of financial services. This competition must be carried out on a level playing field and under the oversight of authorities capable of assessing the risks that the new digital era may pose to competition, the quality of financial services, and, most especially, consumer protection. Our entities look to the future, just as their customers do. <\/p>\n