OBS Report: The transformation of the banking sector, present and future
Spain among the European countries with the highest use of digital banking, approaching the Nordic model
- Fintech competition has had a healthy impact on the banking sector. The future lies in cooperation, not competition.
- Banks will employ fewer people, but they will be more highly qualified. We will see hybrid roles that combine expertise in finance, analytics and customer experience. Private bankers and financial advisors will become increasingly important, as these professionals have strong relationships with their clients.
- Teams leaders in this context should already be learning four things: principles of data science applied to business, designing simple and accessible experiences, data governance and security, and financial conversation skills to translate complexity into clear decisions.
January 2026. OBS Business School, part of the Planeta Formación y Universidades higher education network, publishes the report The Transformation of the Banking Sector, led by Professor and InveretiK Director Jaime Martínez Tascón. The banking system is undergoing a transformation that can no longer be explained by a single factor. After nearly a decade of low or negative interest rates in Europe and the US, the cycle shifted in 2022 towards tighter monetary policies. Since 2024, the path of interest rate reductions, initiated as part of monetary normalisation, has meant that the future of profits must now be understood through pure banking management, independently of central bank decisions.
The focus is returning to the ability to manage reliable data, risk governance, the agility to redesign processes, and the skill to transform customer relationships into a seamless and engaging experience. This metamorphosis is happening while financial institutions continue their day-to-day operations, with staff learning new skills, customers raising their expectations with every interaction, and regulators demanding greater transparency, improved resilience, and comparable metrics. According to the OBS report, the future of banks will depend on analysing how decisions are made, how data is protected, how third-party technologies are integrated, how credit sustainability is assessed, and how digital innovation can avoid leaving anyone behind.
Monetary policy is neither implemented instantaneously nor uniformly. In Spain, the remuneration of savings tends to rise more slowly than in other parts of Europe, a feature that supported margins during the upturn. The years 2023 and 2024 delivered solid profits across much of the banking system, driven by higher interest rates and long-standing cost discipline. 2025 is expected to continue this trend. However, future profitability will depend on income and risk diversification, the quality of data to better understand customers, operational efficiency, and effective balance sheet management. In this context, competition will be about managing liquidity effectively, reducing response times, minimising errors, and maximising customer satisfaction.
The path to competitiveness
Competition in the banking sector does not depend solely on monetary policy; it also requires operating differently, analysing data to better understand customers, and streamlining processes — in which digital transformation plays a vital role. The challenge lies in achieving this without compromising risk control, losing customer closeness, or increasing internal complexity.
Spain has established itself among the European countries with the highest use of digital banking (over 70% of the population) and is approaching the Nordic model. It has overtaken major markets such as France, thanks to widespread smartphone adoption, innovations like Bizum, and frameworks such as PSD2 that enhance security. Professor Martínez Tascón notes:
“Digital banking penetration is expected to reach around 85% in the medium term, with digital onboarding rising from roughly 50% to 75%. Achieving this will require continued investment as well as closing the age and geographic gaps.”
The competition from fintechs has been a healthy stimulus for the banking sector, as it has forced a review of business policies and the development of new capabilities. Banks have invested in startups and formed partnerships to accelerate the integration of new customers into financial services, payments, and identity verification. Fees have been compressed, and operations have become simpler, more cost-effective, and more accessible. Fintechs have helped extend credit to SMEs, young people, and self-employed workers with faster response times, while enabling hybrid advisory services and more precise investment segmentation. These improvements have not eliminated the role of the bank, but rather shifted it towards integrating third-party services with proper risk management and regulatory coverage. A cooperative — rather than purely competitive — relationship between traditional banks and fintechs is therefore the most efficient approach and the one with the most logical and promising future.
The future of employment in banking
The relationship between banks and their customers has shifted towards a hybrid model, where routine tasks are handled digitally and more complex matters are dealt with in person. This has made personal advisory services increasingly important, particularly in competitive niches such as investment, private banking, and corporate banking. In the coming years, the true differentiating value of banks will lie in their ability to build relationships with customers and manage risk in a highly dynamic environment. The development of banking staff, guided by employment policies, will play a key role in this.
Transactional work has given way to analytical, creative, and consultative roles. Value is no longer in efficiently handling paperwork, but in interpreting information, anticipating needs, and guiding decisions with judgment. As a result, positions tied to repetitive, in-person tasks are declining, while roles that combine data, technology, and — above all — high-quality client interaction are on the rise. Teherefore, the most in-demand profiles are hybrid: professionals who blend finance, analytics, and customer experience. In this shift, private wealth advisory has moved from being an “added service” to the core of relationships with high-value segments, such as private banking. Roles such as private bankers or financial advisors have grown in importance, whether as part of a bank’s staff or as independent professionals maintaining long-term relationships with investors through qualified human interaction, supported by analytical tools that sustainably enhance client engagement.
The other major growing group of roles is in technology: data analysts, automation specialists, integration architects, and experts in data governance and security. Their work ensures that the customer experience is seamless and secure, and that advice is based on well-organised information. This is why many institutions are redirecting internal training towards analytical and digital skills while creating mixed teams where business, risk, and technology collaborate to design products.
Looking ahead, banking employment will be smaller in number but denser in skills. Leaders in this environment should already be learning four key areas: business-applied data science principles, designing simple and accessible experiences, data governance and security, and financial communication skills that translate complexity into clear decisions.
