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. 

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.

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.

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. 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. 

Research Methodology

The market study of the Spain digital banking market is incorporated by extensive primary and secondary research conducted by the research team. Secondary research has been conducted to refine the available data to breakdown the market in various segments, derive total market size, market forecast, and growth rate. Different approaches have been worked on to derive the market value and market growth rate. Our team collects facts and data related to the market from different geography to provide a better regional outlook. In the report, the country-level analysis is provided by analyzing various regional players, regional tax laws and policies, consumer behavior, and macro-economic factors. Numbers extracted from secondary research have been authenticated by conducting proper primary research. It includes tracking down key people from the industry and interviewing them to validate the data. This enables our analyst to derive the closest possible figures without any major deviations in the actual number. Our analysts try to contact as many executives, managers, key opinion leaders, and industry experts. Primary research brings the authenticity of our reports.

Secondary Sources Include:

• Financial reports of companies involved in the market
• Whitepapers, research-papers, and news blogs
• Company websites and their product catalog

The report provides an in-depth analysis of the market size and growth opportunities. The report will serve as a source for 360-degree analysis of the market thoroughly delivering insights into the market for making better business decisions.

Market Segmentation:

1. Spain Digital Banking Market Research and Analysis by Type
2. Spain Digital Banking Market Research and Analysis by Solution

The Report covers:

• Comprehensive research methodology of the Spain digital banking market.
• This report also includes a detailed and extensive market overview with key analyst insights.
• An exhaustive analysis of macro and micro factors influencing the market guided by key recommendations.
• Analysis of regional regulations and other government policies impacting the Spain digital banking market.
• Insights about market determinants which are stimulating the Spain digital banking market.
• Detailed and extensive market segments with regional distribution of forecasted revenues.
• Extensive profiles and recent developments of market players.