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José Ignacio Goirigolzarri, president of Bankia, during his speech at the "Diálogos de Servimedia" to mark the 30th anniversary of the agency.

Corporate information

During the "Servimedia Dialogues" to celebrate the 30th anniversary of the agency

Goirigolzarri highlights that customers trust banks with their data the most

The chairman of Bankia affirms that the banking sector is experiencing a challenge with the digitalization process and that in a few years the most important thing in this matter will be related to the means of payment.

Communication Bankia

By  Communication Bankia

Publish on 
02 July 2019 - 18:00

  • The chairman of Bankia has acknowledged that "in two or three years" the main digital transformation issue that banks will have to face will be payment methods

The chairman of Bankia, José Ignacio Goirigolzarri, stressed that customers entrust their personal data to the banking industry the most. "When you ask who you trust with your personal data, banks are certainly at the top", he underlined.

Goirigolzarri has participated in the 'Servimedia Dialogues', held to celebrate the agency's 30th anniversary, in which he talked to Microsoft Spain press president, Pilar López.

"Our business is trustworthy," he assured, and stressed that "individuals are the owners of their data". He has also pointed out the importance of data security, privacy and "the ethical issues regarding artificial intelligence".

Our business is trustworthy, the owner of the data is the individual and we have to be ethical when artificial intelligence is applied.

José Ignacio Goirigolzarri
Bankia's chairman

The chairman of Bankia said that the challenge of digital transformation we are experiencing is "removing the entry barriers to the world of banking" and that "there are new players who want to break the status quo".

In this regard, he insisted on requesting that the rules of the game are the same for everyone and has stressed that "in two or three years" the most important thing in this matter will have to do with payment methods. "We have come close to big tech and we have offered an alliance to all of them”, he stressed.

Goirigolzarri argued that the future of banking will require the coexistence of "offices and Internet banking". "One of the greatest strengths is precisely this combination", he said, and expressed some concern about "the desertification of Spain from a population point of view".

"We have a policy of not abandoning municipalities and towns. We have demonstrated this in the merger with BMN", he remarked, citing as an example the 12 mobile offices offered by Bankia in 400 municipalities without a bank, and training the population, especially elderly people, in places where there are no offices, “so they can be a part of the online world".

Individual deposits

On the other hand, Goirigolzarri stated that he "does not see" that the interest rates of private deposits can go into the negative because "customers have an alternative" that involves taking the money to a safe deposit box, "while there is cash in circulation ".

"We have to differentiate between low and negative rates. Efficient banking can work correctly with low rates, but not with negative rates", he argued, and said that the current interest rate scenario is “complex for bank profitability ".

The chairman of Bankia argued that "what a couple of experiences have shown us in Northern Europe is that negative rates do not have any positive aspects and do destabilise the economy".

Regarding the macroeconomic scenario, Goirigolzarri highlighted the fact that "the Spanish economy is in another phase of the growth cycle". "We come from growth rates above 3%, everyone expected a mild deceleration of 2%, but we are surprised by the strength of the economy", he said, citing the improvement from the forecasts of the Bank of Spain.

Privatising the entity

Regarding the future of Bankia, Goirigolzarri insisted that his position is "very clear" and includes privatising the entity. "We have a very clear mandate, which is to manage a professional and independent project to increase value for shareholders and return aid and it is a mandate with which we are comfortable", he said.

In this regard, he pointed out that the circumstances of the market must be taken into account and that, as a result of interest rates, share values are very low and “now is not the most appropriate time for disinvestment".

Regarding the future government, he said that "political stability is very important, fundamental for the economy". "The Government and Congress that we need is a Government that understands these challenges very well", he stressed, regarding digital transformation and education.

"We must be aware of the great challenge we have as a society looking forward, which is education, and using this tool as leverage is going to require a deep reanalysis”, he underlined, referring to education and training "at all levels" and during the workers’ professional career.


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