55% of Spaniards would open an account in technology companies if they offered financial products

According to a report by Sopra Steria.

55% of Spaniards would open an account in technology companies if they offered financial products

According to a report by Sopra Steria


55% of Spanish banking clients would open an account with technology companies such as Amazon, Microsoft, Apple, if they offered financial products, according to the study 'Digital Maturity of the Spanish Banking Sector 2023', carried out by Sopra Steria in collaboration with Ipsos.

This report, based on surveys of 2,000 traditional and digital banking users in Spain, measures customers' opinions on the products and services offered by their entities. In it, the firm points out that technology companies are perceived as "less expensive" by 48% of banking clients, "more secure" by 36% and with "more personalized" services also by 36%.

When asked if they would be willing to have an account with the main players in the trade of goods or services online (Amazon, Alibaba, Uber, etc.) if they offered attractive financial products, 42% of Spaniards responded affirmatively, while the European percentage was significantly lower, at 34%.

Additionally, 39% would open an account with high-tech hardware and software providers, such as Apple or Microsoft, or with email and search engine providers, such as Google. Only 29% would use a social network in these same terms.

On the other hand, Sopra Steria points out that the majority of Spanish clients - 76%, compared to 80% in Europe - continue to trust their bank, although "they are not completely satisfied" with the interactions with their entity in important moments in their lives, a perception that is "more pronounced" than that of the average European.

Specifically, the firm explains that 58% of people believe that their bank "is not interested in making them earn money", compared to 51% in Europe, while 43% of Spaniards think that they are not treated as someone who amount, compared to 27% in Europe who think the same.

Thus, the study indicates that 29% of Spanish clients wanted to change banks in 2023, a figure higher than the European average, which is 27%. The cost of the services is the main argument for carrying out this action, followed by the quality of the advice, the ability to respond to requests and the variety of the offer.

The report also points out that the impact of rising interest rates appears to be "much more significant" in Spain than in other European countries, since 71% of clients - which in Europe is 58% - say that this situation could limit your investments.

On the other hand, it indicates that Spanish clients who have been victims of a hacking attempt (25%) have increased by four points, although the figure is still behind the European average (27%).

However, in this edition, users are "less positive" about the effectiveness of their bank's response in the event of a hack. 42% indicate that, in the face of these attacks, appropriate measures were not taken or they were not effective.

Sopra Steria reports that the report was prepared based on a survey carried out in Spain among 2,000 people, representative of the population aged 18 and over, who have a bank account in a traditional or online bank.

The results are compared with those for Europe, which refers to representative samples surveyed in nine countries: France, Germany, Spain, the United Kingdom, Italy, Sweden, Belgium, the Netherlands and Luxembourg.