Financial depopulation

In recent years, due to the digitization of financial services, Spain has seen financial depopulation, especially in towns and rural areas. This has become a big problem for all the people who live in these environments, since their access to finances has been limited.
Today we are going to talk a little more about what financial depopulation is and what its main drawbacks are.

The number of bank branches has been reduced by more than half

El camino a la digitalización de todas las operaciones bancarias no parece tener vuelta atrás y esto se ve reflejado en la cantidad de agencias bancarias que han cerrado. According to official figures from the Bank of Spain, of 46,065 banking agencies, there are only 22,209 left.
Without a doubt, this is something quite problematic, since those people who live in towns or rural areas where bank offices have closed, do not have an easy way to carry out transactions. For example, those looking to withdraw money from their card need to go to an ATM or another location where there is a bank.
Everyone manages in their own way to carry out their transactions. However, not everyone has the same chances, so this is a big problem.

Some banks are still betting on the growth of rural areas

Despite the fact that many banks, especially the largest ones, are closing agencies in rural areas of the country, there are others that are still betting on the sector. An example of this is Euro Caja Rural, a small bank that is betting on its growth and the growth of rural areas in the country.
Despite the problem of financial depopulation, the company’s objective is to promote economic development and fight to win those spaces that other companies have abandoned.

The challenge of digitization in Spain

Despite the fact that digitization is advancing every day, it is also a reality that there are many places where there is no internet connection. Due to this, there is no “homogeneity”, since many people, not having access to these technologies, will not be able to adapt.
There are rural areas where there is not even a good mobile internet connection, so having a smartphone will not make a difference.
A digitization process should be accompanied by solutions so that most people are able to access them. There is also another problem and that is that older people often do not get along with technology at all. This is also an impediment to proper digital development.
Many of these elderly people usually need banking agencies to be able to carry out their financial operations. That is why the disappearance or limitation of them represents a great problem that should be addressed, to guarantee fair access to these important services.

Is it worth investing in rural Spain?

Due to the financial depopulation that is occurring, it is likely that many people think that investing in the field is a bad idea. And yes, there may be some problems to overcome, however, investing in rural areas of Spain is an excellent idea.
Spain has great potential for investment, rural Spain offers a lot of facilities for anyone looking to invest. There are even some areas in the country that are perfect for any foreign company looking to have a headquarters in Europe.