Spaniards Rate Economic Measures Promoted by Banking Entities During COVID-19 an 8 out of 10

The advance payment of pensions and unemployment benefits are the two initiatives most valued by society, according to a survey conducted by the social research consultancy GAD3.

79% of citizens rate the attention received by office employees positively or very positively.

The study reaffirms the high use that Spanish society makes of online channels for managing their finances, both companies and households.

The initiatives of Social Action by banks, savings banks, and CECA foundations to address the pandemic received a rating above 8.5 points.

According to a survey conducted by the social research consultancy GAD3 during the first half of June, Spaniards assign an average score of 8 out of 10 to the set of economic measures promoted by the banking sector to support various economic sectors and populations during the confinement and de-escalation phase of COVID-19.

The most valued initiative among the Spanish population has been the advance of pensions, which earns a score of 8.3 out of 10. This measure is known by 68.4% of respondents. It is followed by the early payment of unemployment benefits, known by 66.1% of the population and rated at 8.1 points.

Another highly valued measure is the elimination of fees at ATMs by entities associated with CECA to reduce the need for trips to the cash machine during the confinement weeks, which receives an average rating of 8 points out of 10.

Support Measures for Families and SMEs

The small and medium enterprise sector has been one of the most affected by the crisis resulting from the pandemic. For this reason, entities have increased funds to facilitate credit flow to companies. By mid-July, CECA entities had granted a total of 30.3 billion euros under the guarantees program established by ICO. More than 56% of respondents were aware of this measure, which received a score of 7.6. Among the exceptional actions aimed at supporting the economy of families, moratoriums on mortgage payments and consumer loans stand out, with CECA entities granting up to mid-July 19.6 billion euros. More than 60% of the population is aware of this measure, rating it at 7.9 points for mortgages and 7.5 points for consumer loans.

Communication During the Pandemic

42% of the Spanish population states that their bank has contacted them during the confinement period to inform them about updates regarding COVID-19 or to advise them about their savings.

Most of these transactions have been conducted digitally as half of the respondents claim to have visited the bank less often. However, 79% of those who did visit a branch during the health crisis rated the service received from staff as good or very good. This highlights the professionalism and commitment that all industry employees have demonstrated during the crisis to continue providing an essential service to society. CECA associated entities kept around 90 percent of the 10,804 offices that make up their network open.

Banking Digitalization During Confinement

The state of alarm has determined customer operations by limiting the possibility of visiting the bank. In response, entities have worked on strengthening remote channels, an initiative positively rated by 89% of citizens.

The use of mobile apps and bank websites increased during the analyzed period by 23.7% and 7.8%, respectively. Thus, 32% of respondents claim to have used their mobile device for transactions, followed by 20% who opted for the website.

Regarding payment methods, the use of cards surged by 90.4%. In fact, 60% of respondents have reduced cash payments compared to 59% who increased the use of cards. Notably, the age group between 50 and 60 years has increased card use the most, by 65%. When it comes to mobile payments, this option is chosen by one-third of the population, a proportion that rises to 48% among those under 30 years old and stands around 35% for the 30 to 50 age group.

The Value of Social Action

Commitment to society is a hallmark of entities associated with CECA, and the importance of this activity carried out through foundations is fundamental to reach the social sectors most affected by the crisis. CECA foundations have invested over 135 million euros in social initiatives during the pandemic.

Measures such as donations to food banks, cooperation in assistance programs for food distribution, or providing phone lines to assist the elderly are known by over half of the population, who rate them above 8.5 points.