The banks realize that they have clients

BarcelonaThe banking sector, which is undergoing a transformation due to digitalization and artificial intelligence (AI), experienced a period of office closures and staff reductions starting from the financial crisis of 2008. From the 45,000 branches, with a ratio of 99.02 per 100,000 inhabitants, that existed in Spain that year, it has gone down to around 17,000 currently, with a ratio of 35.03, a 65% drop, despite population growth. And in Catalonia, the process has been similar, going from over 8,000 physical branches in 2008 and a proportion of 110.64 per 100,000 inhabitants, to 25.66, with a total of 2,085 branches, an even greater decrease, of more than 76%. From the 45,000 branches, with a ratio of 99.02 per 100,000 inhabitants, that existed in Spain that year, it has gone down to around 17,000 currently, with a ratio of 35.03, a 65% drop, despite population growth. And in Catalonia, the process has been similar, going from over 8,000 physical branches in 2008 and a proportion of 110.64 per 100,000 inhabitants, to 25.66, with a total of 2,085 branches, an even greater decrease, of more than 76%.

Specialists highlight the rationalization, strength, solvency, and profitability that the Spanish sector has gained compared to that of other European countries, such as Germany, where there is a large number of small and medium-sized entities, such as the landesbanken or savings banks (sparkassen). But in this process with good economic and financial results, it is necessary to analyze what has happened with customer service. Certainly, many of them are accustomed to operating through the internet and apps and do not go or do not want to go to physical offices. But there are still those who prefer direct, physical, in-person interaction. And not all of them are elderly. For these, it becomes complicated to recover the service they received in the past because they enter offices that often one doesn't know if they are bars or cafes, and, moreover, if they want service, they often have to make an appointment, as if they were going to the doctor.

Analysts agree that the first phase of this transformation was detrimental to the clientele. But now, they assure, there are entities, the most advanced in the change of model, that use the thousands of data obtained in their digitalization process to adapt their offer to the needs of the different categories and segments of users they have organized. For example, in a more elderly neighborhood, they leave an office open to satisfy the tastes of this type of clientele. On the other hand, in an area with a younger population, they close branches. If so, it is good that banks finally realize that in addition to focusing on efficiency and maximizing shareholder returns, they must also dedicate some attention to customers.