Banco Bilbao Vizcaya Argentaria : “We are creating a new bank”

Francisco González throws in some numbers to make his point about the bank's progress. 'This year, 50 percent of our customers will be digital and next year 50 percent of them will be mobile. Digital sales already account for almost 40 percent of the total, compared to less than 15 percent just two years ago,' explains Francisco González. With these figures, 'imagine how far these percentages can grow' in five years' time.

In the words of BBVA's Group Executive Chairman, the institution is 'tackling a tremendous change process that encompasses our values, our culture, the ways we work, and that's something you can't rush. In terms of scope and intensity, no other bank in the world is doing what BBVA is doing right now.'

Talking about the increasingly prominent role of tech giants in the economy as a whole and the banking sector in particular, BBVA's Group Executive Chairman said that 'the financial world will change.' 'Competition is going to intensify and it's going to be tougher.' However, he believes that regulators will limit the role of these online titans. Francisco González forecasts that a new league of competitors is going to emerge, formed by these companies, but also by startups and banks. 'Competition will be fierce and there's not going to be room for everyone,' he says. 'BBVA will clearly be there. We're ahead of the game globally.'

BBVA will clearly be there. We're ahead of the game globally

Francisco González stresses the importance of regulation in this new environment, especially after recent cases such as Facebook's. 'Regulation is necessary,' but 'needs to be fair. It has to create a level playing field for everyone.' This regulatory architecture has to be able to protect consumers, prevent the formation of monopolies that may compromise the system and financial stability, and promote innovation. 'This is what's on the table right now:' the creation of a new legal framework that conforms to the new economic and social order, he explains.

The role of regulators will include supervising the consolidation wave that, in his opinion, is going to sweep across the banking sector in the coming years. 'Our vision is that there will be less banks across the world,' he says.

Regulation needs to be fair. It has to create a level playing field for everyone

About the current macroeconomic scenario, he acknowledged the uncertainty that comes with the rise of a new economic and social order, the end-of-cycle in countries such as the United States, skepticism towards globalization and the trade wars. However, his view in the medium to long-term remains optimistic: 'Technology is going to enable the creation of tremendous wealth.'