Cooperative banking and digital transformation: towards a new relationship model with members and clients

• Main Authors: Ricardo Palomo Zurdo, Yakira Fernández Torres, Milagros Gutiérrez Fernández
• Format: Article
• Language: English
• Published: AECOOP Escuela de Estudios Cooperativos 2019-01-01
• Series: Revista de Estudios Cooperativos
• Subjects: Cooperativas de crédito; Experiencia de cliente; Exclusión financiera; Digitalización; Fintech; Bigtech.
• Online Access: http://revistas.ucm.es/index.php/REVE/article/view/62490

This paper analyzes how the new digital society in changing the relationship model between companies and their users or consumers, focusing on the how co-operative banks manage their relations with members and customers. The development of the digital economy affects both the technological processes and the way in which is built the relationship with the users of financial services. Thus, the strategy of the financial institutions is currently focused on the customer experience and their satisfaction with the service processes. To analyze this digital transformation of society and its effects on Spanish cooperative banks, a quantitative and qualitative study has been carried out through the processing of a questionnaire sent to Spanish credit cooperatives, with the collaboration of UNACC and the Cajamar Group. The results show, using a graphical and statistical analysis, interesting issues about the transformation of the relationship between the sector in relation to the digital transformation of the economy and society, and make it necessary to analyze if the traditional competitiveness based on the territorial model and closeness to the user loses the it competitive advantage with the new technologies and due to the progressive change in the profile and technological capabilities of users and financial services.