Trends Report

Spanish Banks Have Stepped Up To The COVID-19 Challenge With Robust Digital Tools And Measures To Protect SMEs And Vulnerable Customers

April 27th, 2020

Summary

Spanish banks have some of the strongest mobile and online banking capabilities in Europe, but even those are insufficient to answer customers’ questions during the crisis, requiring help from human agents. Spanish financial services firms are proactively supporting their vulnerable customers and are helping in the crisis by giving donations and online support. To soften the economic impact of COVID-19 on the Spanish economy, banks need to help small and medium-size enterprises (SMEs) weather the storm by loosening payment conditions and guaranteeing pregranted loans. Fintechs in Spain are advocating for customers and showing solidarity with their community through donations, freebies, and campaigns aimed to ease the pressures of COVID-19.

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