Retail Banking Country Snapshot: Spain

Retail Banking Country Snapshot: Spain


A major restructuring of the banking system is now underway in Spain, with the market opening up to new entrants in order to encourage greater competition. Investment in banking infrastructure is likely to speed up digital expansion. The market for financial services is concentrated, with a handful of large banks controlling a significant market share. Product ownership rates are lower than average. Consumers generally favor providers they have an existing relationship with. The strength of customer service within branches has a strong relationship with advocacy. Banks and regulatory authorities are taking measures to strengthen the banking sector in Spain.

Key Findings

  • The banking sector in Spain is concentrated, with the top three providers accounting for 51% of main current accounts.
  • Spanish consumers tend to choose providers on the basis of branch location and reputational factors.
  • Switching rates are low in Spain compared to the global average of 17%. Pull factors prompt consumers to switch providers.
  • Spanish savers are cautious, with around two thirds saving to protect themselves against unforeseen events and one third saving for retirement. A desire for value for money over brand is among the top three consumer characteristics.
  • The Spanish mortgage market will grow at a modest rate of 11% over the next few years. More than eight in 10 mortgage holders have opted for a repayment product rather than an interest-only loan, suggesting consumers prefer a safer and more straightforward approach to repaying their loan.
  • More than a quarter of Spanish consumers have a personal loan, and consumer lending is dependent on overall economic development. The personal loans market is dominated by Banco Santander, La Caixa, and BBVA – 45% of loans are held with these three providers.
  • More than half of the population use smartphones in Spain, implying a large potential market for mobile-delivered financial services. Continued investment in the country’s banking infrastructure is key to progress.

Verdict Financial’s “Retail Banking Country Snapshot: Spain” is a review of the retail banking sector in Spain, with a particular focus on the current account, savings, mortgage, and personal loan markets. It includes both market-level data and insight from our global consumer survey.
  • Overview of Spain’s banking sector.
  • Insight into consumer preferences in Spain, the reasons for taking out their financial products, and how this has evolved in years.
  • Understanding around which providers dominate the current account, savings, mortgage, and loan markets and why.
  • Examination of the extent to which consumers are using online and mobile channels to research, take out, and use their financial products
Reasons To Buy
  • Future proof your strategy with market sizing, forecasts, and analysis of key developments currently affecting Spain’s retail banking sector.
  • Target consumers with inside knowledge of their true behaviors and attitudes, with detailed analysis from our proprietary insight.
  • Learn about the impact new entrants and distribution channels will have on the market.


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