News Spain
The change in consumer habits and new mobile applications can cause a massive reduction in office banking. So you see the CEO of BBVA, Carlos Torres Vila , which estimates that with new technologies, ultimately, no sense to maintain a networks like having your bank in Spain more than 3,800 branches.
However, bank sources said that today no “concrete plans” office closing short term , but the words of the CEO should form part of an exhibition on the future of banking and the impact that new technologies have made under the Money 20/20 Europe meeting in Copenhagen Celebrated on the sector ‘Fintech’ (financial technology) .
Torres Vila indicated that customers of banks have changed their habits in the last three years and increasingly want to interact with their entity for mobile, and gave the example of Mexico, where mobile banking has skyrocketed.
In this speech, the CEO of BBVA wondered whether it makes sense to have 3,800 branches in Spain, and he replied: “No”. He continued wondering if you can reduce the number of offices and said yes, says Bloomberg.
The same CEO of BBVA he added that no concrete plans and its reflection was rhetorical , despite the tendency to closure offices, he said, is making inroads especially at this time of low interest rates. And in this sense, without putting deadlines, he said they should remain in Spain a thousand offices “many years away”.
This reflection CEO of BBVA comes only a week after another big Spanish bank, Santander, communicate that wants to close 450 smaller offices that is, so that unions could pose without a thousand employees. Santander currently has 3,467 offices in Spain.
Report ‘Fintech
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reflection of Carlos Torres coincides with the publication of report ‘Blurred Lines’ on how it will affect the ‘Fintech’ the banking business, prepared by the consulting PwC . According to the report, financial institutions fear the phenomenon ‘Fintech’ endanger 23% of your business in the next five years.
But the same ‘Fintech’, according to this study, although they are more pronounced and believe they can get 33% of the current financial business.
The sector is aware of this. Thus, 83% of executives from the traditional financial sector that have been surveyed for this study recognize that the arrival of new competitors, such as technology companies, e-commerce, telecommunications, ‘start-ups’ and infrastructure providers, they are causing a disruptive effect on the sector to the point of risking a part of your business . And the proportion of those who believe that this will happen up to 95% when asked only to bank executives.
In addition, these managers believe that ‘Fintech’ are putting downward pressure on bank margins and the profitability of financial institutions, they say 67% of respondents.
The PwC report indicates that businesses means of payment and services related to asset management and asset are which they will become more radically in the coming years. This is demonstrated, for example, the emergence of platforms ‘online’ for granting direct loans between companies and consumers without bank intermediation or applications for payments from the mobile.
The report also highlights the unresponsiveness of banks to this new reality, as only 32% of companies have some according to companies ‘Fintech’, though 25% say they have no relationship. Among the reasons for this lack of relationship between traditional banking and ‘Fintech’ respondents highlight the uncertainty in regulation .
However, the study highlights that ‘Fintech’ are not only a threat to banks, but also can be a business opportunity if they come to work -there because they can bring efficiency and reduce costs, can asistenciar to differentiate themselves from their competitors, retain customers and get additional revenue.
source Ara.cat
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