Javier Alonso: The challenges facing the Spanish banking industry

Closing address by Mr Javier Alonso, Deputy Governor of the Bank of Spain, at the seminar "The fourth revolution. How does the digital agenda affect the economy and industry?" ("La Cuarta revolución. ¿Cómo afecta la agenda digital a la economía y a la industria?"), UIMP - APIE (Santander), Santander, 23 June 2017.

The views expressed in this speech are those of the speaker and not the view of the BIS.

Good morning. It is a pleasure to be here in Santander today, at the Universidad Internacional Menéndez Pelayo, continuing the tradition for the Deputy Governor of the Banco de España to participate in the closing session of this seminar. Thank you to the University, to its Rector, to the APIE (Association of Economics Journalists) and, in particular, to Miguel Ángel Noceda, for organising this event and for his kind invitation.

This year, the focus of the seminar is technological developments and, in particular, the so-called "digital agenda". This gives me the opportunity to speak about one of the main challenges facing the banking industry (new technologies and the entry into the banking market of what are known as "fintech" companies).

However, I do not wish to overlook other important challenges for the industry, such as its profitability, compliance with the new regulatory requirements (in particular on resolution) and the need to maintain customer confidence: the most important and fragile of bank assets and the fundamental basis of banking activity.