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The pandemic has accelerated the transition of consumers to digital banking

The pandemic has accelerated the banking digitization process of the Spanish, also reducing the gaps in terms of the use of digital banking. According to a survey of Funcascarried out on a representative sample of residents between 18 and 70 years of age with digital capabilities, 36.4% of Spaniards access their online banking every day or almost every day compared to 17.3% two years ago, before the pandemic.

Funcas, a think tank dedicated to economic and social research, has published the Funcas survey on uses of banking services, access to digital banking services and financial and digital education. In it, the proportion of people between 60 and 70 years old who usually enter their digital banking or the perception of those surveyed about their financial education stand out.

By age, the results of the survey, released last week and extrapolated to the population as a whole given the level of Internet penetration in Spain, show that the highest percentage (41.2%) occurs among those between 40 and 49 years oldfollowed by those from 50 to 59 (37.7%) and those from 30 to 39 (36.6%). The proportion of people between 60 and 70 years of age who access their online banking almost daily (34.1%) exceeds that of the segment between 18 and 29 (31%).

However, although the digital divide has been reduced, part of the population (the oldest) requires additional time to address this process. Although less use of the bank branch is observed in all socioeconomic groups -only 7.7% say they go to their branch weekly or every 15 days-, 24.2% of adults between 60 and 70 years of age still goes once a month to the bank branch, the highest percentage. The greatest use of the branch is in households with lower income levels.

digital loans

The survey also shows that there are differences in the use of online banking to carry out financial activities. Thus, 73.3% of those surveyed have transferred money to another person through a payment app, but only 12.1% have opened a bank account one hundred percent digitally and 6.8% have contracted a loan in a completely digital way. Consumers continue to prefer the physical/face-to-face channel to make financial investments.

Along with the increased use of online banking, digital means of payment have been imposed during the pandemic. The lower use of cash persists despite having overcome the toughest phase of the pandemic. 69.1% of purchases are made using payment methods other than cash. It should be noted that three out of four respondents use Bizum.

“In any case, there is still a wide margin to advance in financial digitization in Spain. Bank customers are far from being considered ‘omnidigital’ users”, explains Santiago Carbó, director of Financial Studies at Funcas.

Asked about their financial knowledge, four out of ten Spaniards consider that they are quite or very low. The percentage of young people between the ages of 18 and 29 who state that their knowledge is quite or very low rises to 47%.


34.1% of people between 60 and 70 years old access their online banking almost daily

The adoption of cryptocurrencies is still relatively low in Spain, although it is beginning to be relevant among the youngest. Currently, about 5% of those surveyed have purchased cryptocurrencies. The profile of the investor is a young person, who studies or works, with a high monthly income and who lives in large population centers. 14.1% of those surveyed who have cryptocurrencies lack studies.

79.5% of those surveyed claim to acquire cryptocurrencies as an investment and only 8.3% say they do so as a haven asset. The most popular cryptocurrencies are Bitcoin, ethereum Y Cardanowhich account for 91% of investments.

Regarding the project of digital euro, there is great ignorance. About 40% of those surveyed have not heard of this issue, with a fairly homogeneous degree of ignorance between socioeconomic groups.

Regarding cybersecurity, A large part of Spaniards (close to 80%) take security measures to access their digital banking services. In any case, almost half (49%) say they have received a fraudulent email or phone call. Women, older people (60 to 70 years old), with low income levels and little training have less knowledge about digital security.

A high percentage of the population follows the recommended security measures to access these services, but only 44.2% have an antivirus on their mobile. 81.9% of those surveyed verify that they have closed the application/session when leaving their digital banking. However, 44.3% do not know the difference between a secure website (https) and another current one (http).

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