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04 December 2023 | Posted by angela.tuduri

International Banking Day

In Spain, banking plays a fundamental role in the economy, providing financial services to companies and individuals.

December 4 marks International Banking Day, a date established by the United Nations General Assembly (UN) to recognize the importance of banks in economic and social development, which invites reflection on the role of banks in society.   

In this article, we explore the history of this day and how the sector is evolving in Spain.   

International Banking Day | Why dedicate a day to banks?  

Banks play a fundamental role in economic and social development. They provide essential financial services to businesses and individuals, and can help finance projects that promote economic growth, poverty reduction and environmental protection.  

At the end of 2022, the Spanish banking sector had a total of 342 entities, of which 190 were banks and 152 savings banks. The sector employed more than 250,000 people and its total assets amounted to €2.7 trillion."

- Bank of Spain

International Banking Day is celebrated to recognize the importance of banks in sustainable development. The key points are: 

  • They provide essential financial services to businesses and individuals.  

  • Banks can help finance projects that promote sustainable development.  

  • Responsible and sustainable banks can help promote a more equitable and sustainable world.  

International banks also play a crucial role in the global economy. They are responsible for facilitating international trade, providing financing for development projects and helping companies expand globally.   

Financial innovation, the future of banks   

Financial innovation is a concept that refers to the application of new technologies and approaches to improve the way financial services are provided and used. These advances seek to increase efficiency, accessibility and transparency in the financial sector, while offering innovative solutions to users' challenges and needs.  

Financial innovation has transformed many aspects of the industry, both for financial institutions and consumers. Some examples of financial innovations are: 

  • Digital banking: Digital banking allows users to access online financial services through mobile applications and digital platforms. This includes services such as online banking, account management, electronic payments and money transfers. Digital banking has improved the accessibility of financial services, eliminating the need to physically visit a bank branch.  

  • Mobile payments: Mobile payments are a way of making financial transactions using mobile devices. These payments are made using mobile applications, digital wallets or near field communication (NFC) technology. Mobile payments have offered a safe and convenient alternative to cash and traditional cards, gaining popularity worldwide.  

  • Fintech: The term "fintech" refers to the convergence of information technology and finance. Fintech companies use innovative technologies such as artificial intelligence, machine learning and blockchain technology to deliver financial services more efficiently and cost-effectively. Examples of fintech services include peer-to-peer lending, automated financial advice and crowdfunding. 

  • Cryptocurrencies and blockchain: Cryptocurrencies, such as Bitcoin and Ethereum, are digital currencies that use blockchain technology to ensure the security and transparency of financial transactions. Blockchain technology is a decentralized digital ledger that records and verifies transactions transparently and securely. These innovations have created new opportunities in financial transactions, smart contracts and digital asset exchange.  

Financial innovation has democratized access to financial services, especially in areas where traditional infrastructure is limited. It has enabled people to have more control over their finances, make informed decisions and access personalized services. However, it also presents challenges, such as security and data protection, as well as financial inclusion for those who do not have access to technology. 

Related education | La Salle-URL  

Education in finance and economics plays a crucial role in the economic development and financial stability of Spain.  

In order to keep abreast of the latest trends at both the individual and corporate level, it is necessary to have professionals who face the challenges and take advantage of the opportunities of a sector in full evolution.   

At La Salle-URL we promote education in economics and finance with our related programs. Discover the power of our programs in international management with practical hands-on training that prepares you to lead business innovation through the application of advanced technology. 

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