Publications

Financial digitilisation is a process that has been going on for more than 30 years and is today taking a hold at hitherto unknown rates with regard to innovation. However, it is a process subject to many myths, at times far removed from the most stubborn reality – present reality. In this article some aspects which define the past, current reality and the possible development of financial digitalisation are reviewed, with particular attention paid to means of payment and the dramatic appearance of ‘fintech’ in Spain.

Informaion and projects handled suggest Spain is a country in which the adoption financial digitalisation has followed a course similar to other countries since the 90’s and in which payment tools have played a prominent role. Furthermore, it has been shown that although the sudden appearance of ‘fintech’ is still limited, there is a very notable potential and not just as an alternative to banking services, but as part of and/or a complement to them.

When it comes to the implications of these transformations, it should be borne in mind that services based on digitalisation can not only speed up economic changes but  also  bring  other  social  benefits  and  transformations.  It  is estimated that digitalisation could help overcome the costs and physical barriers which hinder greater financial inclusion of less advantaged sectors of the population, from different perspectives. These are changes which will basically occur in the private sphere but in which, as is discussed in the article, regulation has a lot to say to preserve financial stability, consumer protection and ensuring a fair competitive environment among the different suppliers.

Carbó, S. (2017): “Mitos y realidades de la digitalización financiera: los medios de pago como paradigma”, Mediterráneo Económico, 29, mARCH, pp. 139-149.