Spain is the second cheapest country in Europe for the provision of basic and digital services to its customers, according to the Study of Spanish Banking Services in the European Context, prepared by Deloitte.
The results of the study show that Spain is behind the UK and followed by the Netherlands in the provision of basic (transactional) services to its customers, with prices 58% lower than the average of the seven countries analysed. Germany is at the other extreme with an average annual price of 181 euros.
Moreover, Spain is also the second country in Europe with the lowest costs in digital banking – again the UK occupies the first slot – 67% cheaper than the average of the countries analysed.
On the other hand, the model for commercialisation of services most common in Europe is, as in other industries, the bundling of services, with the exception of Spain which has a relational model which prioritises the long term relations between the bank and the customer with the search for a greater linkage between products, and the UK with has a free banking system.
Spanish banks outperform their European neighbours in the supply and accesibility of their services.
Spain is the country which offers the highest level of banking services – transactional and non-transactional – both in the number and availability of channels. The Spanish customer could receive up to 115 services from his financial entities, far from the 67 which offers the UK and 41% more tan the European average, which is 82.
In the same way, Spanish banks stand out for being the European country which offers the greatest number of free services (for example withdrawing money from a branch) with 87, in other words, 76% of the total services available. In this regard, Germany and Portugal, with 48 and 47 services, are at the back of the queue for free services. British financial entities only offer 52, but that constitutes 78% of available services.
On the other hand, the level of accesibility of banking services in the national market is well above our European neighbours. In Spain, 79% of services are offered through traditional channels and 73% through digital channels, a very high figure compared to other markets, like the Dutch, which limits its multi-channel provision of services to 57% of those available.