Banco Bilbao Vizcaya Argentaria S A : Today’s number is about… online banking

According to data from BBVA Research's Survey on Information and Communication Technology Equipment and Use in Households, there were 15 million online banking users in Spain in 2016 - a 64.5 % increase in six years. The figure represents 38.9 % of the total population (15.4 % more than in 2010) and 53.4 % of Internet users (12.5 % more than in 2010).

Access to online banking has increased across all groups in society, but remains uneven. It is more frequent among 25 to 44 year-old males with higher education and a job. Access is also higher among people from households with minors. Those with a home computer or broadband Internet connection, along with residents of Catalonia, Madrid, Navarra and Galicia, also use online banking more frequently.

The likelihood of women using online banking services is 41.5 %, compared to 47.3 % for men. However, the most influential variable on online banking use is the level of education. The probability of someone with higher education using online banking is 54.7 % - 25.4 % higher than someone with a basic education. This difference has increased over the past decade, reaching 28 points in 2016.

However, the study stresses that although access to online banking has increased, digital purchases of financial products remains low. Just eight out of every 100 Internet users have carried out financial transactions online.

Among online banking users, those who actually use online banking services to purchase financial products tend to be older, live alone, have foreign nationalities and a larger budget.

After analyzing this information, the authors of the BBVA Research article, 'Factors behind the adoption of digital banking in Spain', Alfonso Arellano and Juan Ramón García, underscored that it is essential that the public sector strengthen financial education.

They also recommended that the government get more involved in providing training in technology, and increase investment to improve broadband coverage.

Finally, they added that financial institutions can incentivize the process of ensuring access to digital banking services by facilitating access to Information and Communication Technologies and optimizing online channels.