Close panel

Close panel

Close panel

Close panel

Fintech

Fintech

Adaptation to the environment is the main vector of operation and survival for a business. The technological environment plays a crucial role in this process. As a result, cybersecurity becomes a fundamental pillar and employees are key players. Not in vain, 62% of incidents of this nature that take place in organizations happen due to human error, as reflected in the latest ‘Cyberthreats and Trends’ report prepared by the National Cryptologic Center.

The Spanish entrepreneurial ecosystem has grown and matured this year, with the fintech sector leading the way and a considerable boost from investors. While Madrid and Barcelona continue to dominate the national landscape, the Basque Country, Valencia and Malaga have increasingly prominent roles to play, and regions like the Canary Islands and Galicia are working hard to make a name for themselves. A tour of these areas shows the wealth of opportunities for innovation and the diversity of sectors.

Neither Google, Samsung, nor Amazon are banks. Yet they all provide financial services, specifically in the areas of payments and money transfers. Even Facebook is making plans for its own currency, Libra. Financial regulation needs to respond to the challenges of a changing landscape: fintech startups are paving the way for digital ecosystems while the Big Tech are taking steps to penetrate what has traditionally been banking territory.

Over the past year, BBVA Open Innovation, the area of the bank that works to connect with the FinTech ecosystem, has generated 310 interactions between entrepreneurs and business areas. Thanks to these contact points, BBVA successfully carried out 16 pilot tests with startups in 2019 alone, one third of which are now in the marketing phase. In addition, a further 38 collaborative initiatives are in the process of being defined and implemented.

What were the hottest digital transformation trends in banking in 2019? Which ones should we keep an eye on in 2020? The banking sector’s interest in the latest developments in cyber security, computing or gamification grows day by day. For disciplines such as 'pentesting', quantum computing or development with the Unity engine, the future looks bright.