The Spain digital banking market is estimated to grow at a significant growth rate of 6.8% over the forecast period to hit over $660 million in 2025 from nearly $430 million in 2018. The banking industry is one of the sectors that contribute to the economic growth of the country. The Spanish banking sector, in 2018, is composed of twelve banking groups, representing more than 90% of the industry, with 52 private banks, two saving banks and 62 cooperative banks. Low interest rates, stagnation of household and SME lending are some of the trends observed in previous years and continued in 2018. However, the banks in Spain are making continuous efforts for cleaning up their balance sheets and strengthening their capital ratios at a faster rate.

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Furthermore, the market is characterized by the presence of several players including ACI Worldwide Inc., Microsoft Corp., Oracle Corp., Fiserv Inc., FIS Global and many others.

The banks in the country keep adapting their systems for incorporating new digital and payment technologies. One of the instances of such a payment framework is the person-to-person (P2P) instant mobile payment system, BIZUM, developed in October 2016. BIZUM is a consumer-friendly technology based on a proxy database that obtains International Bank Account Numbers (IBANs) of the clients directly from their mobile numbers. In addition, the Spanish banks have introduced the SCTInst processes in November 2017, which made instant payments a common payment method available to all Spanish customers and represents 10% of regular SEPA Credit Transfer transactions.

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The Spain digital banking market is segmented on the basis of type and solution. Based on type, the market is classified into corporate banking, investment banking, and retail banking. Retail banking held the largest share in 2018 and is expected to maintain its dominance during the forecast period. Retail banking involves a wide range of services, including saving accounts, personal loans, mortgages, certificates of deposit (CDs) and investment and fund management. Rising demand for internet banking among individuals to manage their accounts and conduct financial transactions is primarily contributing to the growth of the segment. Based on solution, the market is classified into processing services, payment solutions, customer and channel management, and risk management.

These players adopt various strategies in order to compete in the global industry. Mergers and acquisitions, product launch, geographical expansion, and partnerships and collaborations are some of the strategies adopted by the players.

Market Segmentation

Spain Digital Banking Market by Type

• Corporate Banking
• Investment Banking
• Retail Banking

Spain Digital Banking Market by Solution

• Processing Services
• Payment
• Customer and Channel Management
• Risk Management

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