• The establishment of comprehensive regulations on open banking to enable the sharing of data with express, informed consent to structure the way data is processed and protect consumers.


• The increased use of artificial intelligence to improve financial inclusion and create more secure and effective business models.


• The development of appropriate legislation covering the regulatory sandbox to mitigate the risks associated with new technologies. Spain already has legislation to regulate the sandbox that aims to authorise fintech projects whilst ensuring that consumer rights are protected.


• The consolidation of new technologies (such as Big Data, Blockchain or Cloud Computing) and other applications that revolutionised payments with innovative solutions that guarantee the security and reliability of transactions.


• The increased digitalisation of financial products and services that improve the user experience by aiding transactions whilst being secure and easy to use.


• The increased use of digital payments. Whilst this may have been a short-term measure in response to the pandemic, it is now a solid trend that will bring with it many challenges, threats and risks.

The success of fintechs resides in the fact that they are not merely payment platforms. They automate processes and offer a range of personalised products and services that improve the customer experience. Even though fintechs face significant challenges with respect to security, according to García Rouco, “being prepared is the best form of defence. Financial products and services are not immune from the inherent risks. Fintechs need to identify users, assess risk and prevent potential risks and vulnerabilities if they want to stay connected, increase transparency and build trust with their users”.

Digitalisation means changing the fragmented financial model and the new technologies being driven by the digital transformation offer consumers personalised services and a better user experience. In 2021, the fintech sector stood out for the increased levels of investment. In 2022, it is expected to continue to grow and create new opportunities to forge partnerships and reduce risk. It is also expected to open the door to unite services around a digital architecture that puts fintechs at the heart of the industry.