On the occasion of the annual meeting of the International Advisory Panel of the Monetary Authority of Singapore, BBVA Executive Chairman Francisco González shared his vision of the implications of the current technological revolution: “The technological and digital transformation is an extraordinary opportunity, but actively managing the changes it entails is fundamental to ensuring equal opportunity and the transfer of its enormous benefits, advantages and possibilities to the whole of society.”
“The most digitized societies —like the Nordic countries— or economies with a more intense use of robots —like Japan or Singapore— have very low unemployment rates”, BBVA’s Executive Chairman explained. “In 2016, unemployment in the United States was practically the same as it was at the beginning of the 20th century, despite the increase in productivity, population growth and the labor force”, Francisco González said. During the same period, per capita income multiplied by 7.4. “The experience of all these countries teaches us how technical progress translates into greater social well-being”, he said.
“I’m a tech optimist,” said Francisco González. “Robots, artificial intelligence and big data will replace some jobs, but better ones will be created. In the future, there will be new jobs that we can’t even imagine today. Many jobs will be more productive and will offer higher salaries. There will be a transition period. It’s essential to manage the change, to protect the people but not the jobs that become obsolete or the structures that hinder progress. Investment in human capital, talent management, active employment policies and a long-term vision will be crucial in this process.”
For BBVA Executive Chairman, “There is an enormous unmet demand for people with a technical background. This gap could be eliminated through training, which should based on information coming from the private sector.”
In July, for the first time, we sold more than one million units through digital channels in a single month”
“The technological transformation offers so many advantages that it’s unstoppable, as BBVA’s own experience demonstrates”, Francisco González said. “As soon as a customer tries our apps, there is no going back. We also surpassed 20 million digital customers in July, which represents a 40% penetration.”
The meeting of the International Advisory Panel of the Monetary Authority of Singapore focused its debate on the transformation of financial services, digitization and the future of employment, among other topics. BBVA’s Executive Chairman is the only Spaniard on the committee. Other members include Axel Weber (UBS), Bill Winters (Standard Chartered), Jean Lemierre (BNP), John Cryan (Deutsche Bank) and Nobuyuki Hirano (The Bank of Tokyo-Mitsubishi UFJ).