The previous blog posts have given reviews and descriptions of major Spanish banks. Not all banks are covered, however the available descriptions will assist anyone in choosing a bank. In this blog, I discuss some of the overall futures of the Spanish Banking Systems and how it impacts the service availability and offerings for individual customers and businesses.
Global Banking in Spain
Both residents and non-residents can open a bank account in Spain. Spain is beginning to lead in internet banking as well, and with the amount of large multinational banks, Spanish banking is much easier. Generally, when we speak of banks we refer to multinational or large banks, national banks, and local banks. Within the emerging marketplace, however, a new form of banking called Global banks are emerging.
What distinguishes these types of banks from their previous form as multinational corporations is that they allow banking anywhere in the world. This trends is specifically of note for mutlinationaal enterprise Ing Direct Spain, where owning a Spanish bank account is as effective as owning a bank account with this country in any of its member companies. What this is doing is that gradually power is being centralized within the global economy where large banks are gaining the regulatory power, at least in brand, access, and technologically capacity as other central banks, thus creating a market for a new type of banking that effectively make travel across borders effortless.
Again, we have to discuss Ing Direct Spain, which has started competing in a market area that is wonderful for customers but an interesting offering to say the least for competitors. Ing Direct has developed its services to offer at little to no fees. Without the classic brick and mortal set up, many of the mortal fears that are embedded within traditional banking can be turned to other innovative ways of doing business. In addition, there are other forms of banking that are seeking to navigate charges, such as citizen bank projects. Traditionally, Spanish banks of all varieties charge high banking fees with varying explanations for this practice. However, turns within the global economy, emergence of innovative banking practices, questions of ethics, and the democratization of citizen accountability of banking ethics may lead to a way of doing banking that is more integrated with local relationships versus an ever increasing trajectory of merger and acquisition until there is little diversification of interests within a free economy.
Services and Products
Spanish banking is certainly efficient and competent within the diversified range of offerings that financial institutions deliver. From savings products and wealth management to corporate and retail accounts, Spanish banking offers robust offerings from any angle and approach to banking. There are of course smaller, provincial relationship based banking offerings with services appropriate to that market. Then there are larger, multinational, and technologically integrated options that operate on local, providential, national, tourist areas, and multinational terrains for the widest array of options and ease in banking. Customers can also find multiple language options with larger banks, while online banks are easily integrated for multiple language usage. Currency exchange is also simplified with the advent of the euro and maintain relationships with larger banks that exist in multiple countries offers the opportunity for reduction of international exchange rates and fees within currencies.
Products and services continue to evolve as well and there are some companies, such as Barclays Group, that focus a large segment of energy on innovation and development of new products as a stable of their competitive edge, thus keeping the emergent happening of the Spanish marketplace as leading within a global marketplace.