The report called “Retail Banking Country Snapshot: Spain” states that Spanish consumers traditionally tend to choose providers based on branch location and reputational factors, which has kept switching rates relatively low to date. However, investment in banking infrastructure is likely to improve convenience and minimise risk, as well as opening up opportunities for new entrants.
Although Spain’s bank account switching rate was 14% in 2015, which is lower than the global average of 17%, around 19% of Spanish consumers are willing to switch to an innovative provider.
Verdict Financial’s report also states that mobile financial services represent a major opportunity for new entrants to gain a foothold in the Spanish banking market. A significant proportion of consumers in Spain are now using online and mobile as part of their mortgage application process.
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