{"id":37348,"date":"2019-06-11T00:00:00","date_gmt":"2019-06-10T22:00:00","guid":{"rendered":"https:\/\/aebanca.es\/actualidad\/te-interesa\/entrevistas\/in-the-future-banking-will-be-more-digital-mobile-and-innovative\/"},"modified":"2026-04-16T11:11:06","modified_gmt":"2026-04-16T09:11:06","slug":"in-the-future-banking-will-be-more-digital-mobile-and-innovative","status":"publish","type":"entrevistas","link":"https:\/\/aebanca.es\/en\/actualidad\/te-interesa\/entrevistas\/in-the-future-banking-will-be-more-digital-mobile-and-innovative\/","title":{"rendered":"“In the future, banking will be more digital, mobile, and innovative.”"},"content":{"rendered":"

The financial sector faces a complex period characterized by rapid technological evolution, but also by the emergence of new players (such as fintech<\/em> companies and bigtech<\/em> firms) that broaden the range of competitors for traditional banks. How does the Spanish Banking Association (AEB) view the landscape? <\/strong><\/p>\n

Technological innovation and the increasing digitalization of citizens allow for progress in the development of new financial products and in the efficiency of banks and markets. Additionally, this phenomenon increases competition, as some innovations reduce barriers to entry into the sector, increase economies of scale, and lower costs. This new scenario opens up the possibility for new competitors to participate in the financial services market and enables banks to leverage opportunities to be more efficient, reach other markets, and offer more innovative products and services tailored to their clients’ needs. <\/p>\n

How is Spanish banking reacting to these new competitors and, at times, collaborators?<\/strong><\/p>\n

The Spanish banking sector has always been a leader in innovation and the implementation of new technologies in its services and infrastructure, with the aim of offering the best range of services to its clients. Therefore, it is not surprising that our banks are among the best prepared, compared to other banking systems, to face the challenges of the new competitive environment. <\/p>\n

For now, the segments with the most competition are those offering higher profitability, such as payments, advisory services, or corporate loans. However, in many other financial areas, alliances and collaborative projects are carried out between operators. Great talent and innovative ideas can be drawn from fintech startups, and the use and deployment of critical infrastructures or technologies, such as cloud computing, can come from large technology operators. The financial services ecosystem is becoming increasingly broad and diverse, with collaboration becoming a key element for innovation. <\/p>\n

Artificial intelligence, cloud, big data, mobility, omnichannel… Which technological trends do you believe will prevail in the future of banking? Or will it be a combination of all of these? <\/strong><\/p>\n

All new technologies have great potential to improve or even change how things are done, but their level of maturity is very uneven at the moment. For example, biometric tools for client onboarding have a much higher level of implementation than, for instance, blockchain technology, where some projects are still in an analysis phase. <\/p>\n

The deployment of artificial intelligence tools can have a very positive impact on numerous areas and services, such as risk assessment models, new product development, or fraud control. For this, technologies such as cloud computing and big data analysis tools are and will be essential in the near future. <\/p>\n

Maintaining the pace of technological investment required by banks to remain competitive in the current market is another major obstacle for traditional institutions. Banco Santander itself recently acknowledged this in a document sent to the CNMC. Do you believe that not being able to keep up with this dizzying pace of digitalization and information system updates could put Spanish banking institutions at risk in the near future? <\/strong><\/p>\n

<\/strong>Far from lagging behind the speed of digitalization and technological innovation, Spanish banking is undertaking the necessary organizational changes and investments to adapt to new approaches to consumers and leverage the potential offered by new technologies to improve its processes and services.<\/p>\n

Nevertheless, numerous challenges still exist. Some relate to the uncertainties generated by the application of new technologies for client protection, a challenge that banks face with utmost prudence. Others are related to the regulations governing credit institutions, which pose barriers to innovation or digital transformation, such as the capital treatment received by software investment or the rules affecting talent acquisition, two fundamental elements for competing in the new digital environment. <\/p>\n

Cybersecurity is one of the main concerns for Spanish banking executives. Is it prepared to face the upcoming challenges in this regard? <\/strong><\/p>\n

<\/strong>The banking sector employs all means at its disposal to guarantee security, with a commitment to maintaining its efforts to confront risks and dangers that are still unknown but will undoubtedly emerge in the future.<\/p>\n

Banks are aware that there are weaker links in the cybersecurity chain and, therefore, redouble efforts to reinforce digital education and awareness among both employees and clients regarding cybersecurity.<\/p>\n

<\/strong>Regulation has always shaped the financial business, but even more so in recent years, with the rise of regulations like PSD2 and GDPR. What have these meant for banks, and how are these entities digesting them? <\/strong><\/p>\n

<\/strong>The application of the second Payment Services Directive (PSD2) represents a qualitative leap in competition and innovation in European payment services by fostering market access for new players and regulating new payment services. Banks will be among the first operators to utilize the new opportunities presented by this regulation, such as the development of account aggregators. Furthermore, this new regulation promotes the electronic payments market. <\/p>\n

However, the possibilities offered by a sectoral framework, such as that defined by PSD2, should be identical for all competitors. Just as it allows other companies to access client data held by banks\u2014with client consent\u2014it should also allow banks to access their clients’ data held by other companies. This is essential to foster competitive markets, free from data monopolies. <\/p>\n

<\/strong>What regulatory changes would be necessary for traditional European banking to be on par with new digital competitors? <\/strong><\/p>\n

<\/strong>In general, a thorough review of many of the regulations affecting the banking sector, which were issued before the innovation boom of recent years, would be necessary. For example, some regulations hinder the advertising and marketing of certain services fully through digital channels. Other regulations disincentivize the innovative process or the rapid launch of products to market (time-to-market<\/em>) with slow and heterogeneous authorization procedures, as is the case with cloud service outsourcing. There is also regulation that establishes different rules of the game between credit institutions and other non-bank agents for the provision of the same service, which is detrimental to fair competition. For the benefit of the consumer, all providers of financial services must be subject to the same regulation and supervision. <\/p>\n

Does the association believe that<\/strong> the technology industry is prepared to meet the needs of the financial sector?<\/strong><\/p>\n

Banks strive to anticipate their clients’ demands, although in many cases the limits are set by technological advancement itself. A sector as innovative as banking must adapt to the limitations imposed by technological development. <\/p>\n

Finally,<\/strong> what will the banking of the future be like?<\/strong><\/p>\n

Undoubtedly, it will be a more digital, and especially more mobile, innovative banking, focused on leveraging new technologies to offer financial services that are increasingly agile and tailored to its clients. The banking of the future will also continue to guarantee the level of information protection and security for its clients. Client trust in the reliability of financial services and products will be key to competing in a more digital environment. <\/p>\n

Lorena Mullor, Digital Banking Advisor, Spanish Banking Association<\/strong><\/p>\n

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

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