In Spain, banks and savings banks have adapted financial technology and big tech faster than their European competitors. That country leads the fintech world together with the United Kingdom.
The article signed by Stefanie Müller, pointed out that in 2012 banks and Spanish savings banks were in the spotlight all over the world. This is due to their bad management but now they stand out for their rapid adaptation to new technologies.
Quoting Statista, most of the investments are now made in digital payments, and in this context Spain has a leading role. Due to its high use of mobile devices and a population quite related to technology in general.
The publication also mentioned a Visa survey. According to which 90% of the adult population in Spain believes that in the next three years they will regularly use technological means. Such as the clock, the mobile phone or the Ipad to pay.
“The success of this type of service is visible to all, although many do not realize it. The first Fintech that we have used almost everyone, even at a business level, is Paypal. This secure service transfers money in different Online coins have been available for 20 years, and in the last eight years. The turnover of the American company has grown from around 1,000 dollars to more than 4,000 dollars per quarter. Paypal is already a giant with around 270 million customers,” remarked Müller.
Without fear
In addition, the publication affirmed that the Spaniards were not afraid to enter the fintech ecosystem. If you compare them with other countries, you can see that the Germans and the French have reacted late. But the Scandinavians, the British and the Spaniards are introducing Fintech into their services for a long time.
In this scenario, La Caixa, Santander, Bankia and BBVA are among the leading Spanish banks in Fintech investment. Everyone already has a special fund that invests in companies from this world. Mainly from Great Britain, Latin America, USA and in a smaller volume in Germany according to the “Report 2018: Mobile Banking and Mobile Payments in Spain and the World” by Pickaso, a specialist in digital marketing. In addition, according to that report, Spain is already the country with the most downloads of banking apps in Europe.
Third World
It should be noted that, as specified, the largest utility of Fintech technology is in the third world. Where there are no fiber optic networks, bank branches or urban centers.
Then, many companies and people can operate in rural environments through mobile devices.
Projections
The Spanish Association of Fintech and Insurtech (AEFI) announced at its General Assembly held in Madrid, its aspiration to grow by 35 percent throughout 2019.
The term Fintech applies to companies that link technology with finance. While the term Insurtech refers to the union of words in insurance, technology and disruptive startups that use new technologies. Such as, blockchains, big data, etc.
“The recruitment of new partners will be one of the main objectives for the association. Which sets the goal of reaching the figure of 170 associates at the end of the year, compared to the 126 that it currently has,” they explained.
Also published on Medium.