For example, I refer to matters related to data portability and the removal of potential impediments to banks and their customers accessing the information provided to or generated on digital platforms. The report describes how FinTech’s relationship with banks has evolved over time. Thus, they appear to have shifted from outright competing and defensive positions to others 3/5  BIS central bankers' speeches  more conducive to collaboration through various channels, albeit without putting competition entirely to one side. Therefore, according to the report a “competitive collaboration” framework, from which both sides gain, seems to have emerged. FinTech firms tend to be characterised, in both the report and public opinion, as small, agile and adaptable firms. Therefore, the idea of allegiances with banks is presented as “synergistic”. Thus, FinTech firms would gain access to a much broader customer base and provide in exchange innovative technology solutions. This image of FinTech is mostly correct, in particular if we look at the situation in Spain and the collaboration frameworks observed to date. However, recent crises involving specialist digital payment and factoring companies serve as a counterpoint to this image. Indeed, their corporate structures featured tail credit institutions. Naturally, banks have been impacted by the crisis. This shows that sometimes the bank, rather than FinTech, is the small fish. FinTech firms are fast-growing, high-tech groups that have a theoretically simple business model, but one shrouded in layers of operational and technological complexity, an opaque and complex corporate structure spread across several jurisdictions and no clear supervisor.

Second, visibility over the customer is reduced, which hampers the proper estimation and control of risks. In conclusion, digital transformation is not only a driver of cost reduction, it is also critical to mounting a defence against these new competitors. 2/5  BIS central bankers' speeches  The aim is to increase customer loyalty, either by creating tailored products that better cater to their needs, or by developing collaborative solutions between institutions, of which Bizum, the well-known instant payment system, is a prime example. In this defensive context, the sector must be able to harness its traditional strengths. We must not forget that banks have customers’ trust, providing services to practically the entire population in Spain. In fact, the COVID-19 crisis has served to remind us of the importance of banking, which has been central to the structuring of the public support measures. As regards the new customer interaction channels, the report focuses on the growing use of mobile devices to take out products and to perform transaction enquiries. Naturally enough, the focus is on the importance of apps as a response to the changing preferences of digital users, particularly the younger segment. Having an attractive interface and making applications easy to use is no doubt important. But in my view there is an even more critical aspect: the use of customer data. Let’s not forget, customer data constitute the commodity upon which the Fourth Industrial Revolution rests.