The bank is helping elderly people and residents of rural Spain..

The banking sector is well aware of the economic context in which Spain finds itself and responds to the needs of specific groups, such as clients struggling to repay loans, elderly people who are not familiar with online banking, and citizens living in rural areas where there are no bank branches. The banks' response to these needs is not straightforward and does not solve all problems. However, recently there have been noticeable efforts by institutions to listen to these demands and implement measures that improve service. These initiatives have already begun to have a positive impact. Below are some of them that society is still largely unaware of.

1. Banks are always looking for solutions for clients facing financial difficulties.

Banks always offer solutions to clients who are having difficulties with payment obligations, especially in the current context of economic slowdown and rising interest rates. When a client seeks help or falls behind on a loan payment, the bank looks for solutions, such as trying to align payments with the client's capabilities and refinancing the loan. In the specific case of mortgages, clients in difficulty can refer to the Code of Good Practice (CBP) if they meet certain requirements. This code provides for a reduction in the interest rate, the application of a grace period, and an extension of the loan term. If restructuring does not work, the code allows for the possibility of requesting a discount on the debt. If this is not enough to resolve the client's financial situation, they are offered the option to transfer ownership of their primary residence to the bank (debt settlement) in exchange for the right to continue living there as a tenant. BBVA even contacts 100% of clients and, even if they do not meet the requirements of the Code of Good Practice, offers solutions tailored to each specific case. BBVA also established a Mortgage Borrower Protection Committee during the previous crisis, which provides individual solutions for clients facing the greatest difficulties, going beyond the legal framework. By December 2022, it had provided nearly 7,000 residential units for social rent to its clients.

2. Banks are increasing their focus on elderly people.

According to the National Institute of Statistics, three out of ten people over 65 do not use the internet frequently. For them, for those who need to visit a bank branch in person to resolve an issue or make a transaction, some banks, such as BBVA, have increased their focus through several measures. On one hand, BBVA has hired 341 specialists in elderly customer service who provide personalized assistance either in person or remotely. More than 1,400,900 clients over 65 received service through a preferred phone channel from April to May 2023. It has also extended branch hours for in-person service in certain areas, benefiting over 800,000 clients over 65. Additionally, it maintains a passbook for those clients who request it. Currently, BBVA has over 2 million passbooks in circulation in Spain. Communication is a key element in any relationship, whether personal or commercial.

3. Access to the most remote corners of Spain.

Rural areas are increasingly suffering from the vast inequality between cities and villages. Aware of the difficulties faced by residents of municipalities without bank branches, three banking associations signed a roadmap in 2022, committing to strengthen financial inclusion in rural Spain. Since then, solutions have been proposed to ensure access to financial services in rural areas. The roadmap offers various measures depending on the size of the municipality. Additionally, the sector has committed to installing 240 new ATMs in rural areas. Thanks to the efforts and commitment of the banking sector, the percentage of the population experiencing difficulties accessing financial services has decreased. In particular, BBVA has a network of 363 branches, 73% of which are located in municipalities with fewer than 5,000 residents. Furthermore, some banks, such as BBVA, have entered into an agreement with the postal service Correos to expand financial services in these areas, allowing their clients to withdraw cash at 2,393 Correos offices in Spain. With this measure, BBVA aims to ensure that all citizens, regardless of their place of residence, have access to cash with minimal movement. Correos Cash is already available in the BBVA app, where a QR code is generated for cash withdrawals at any Correos office. BBVA is not stopping there and, in the coming months, will provide its clients access to more than 24,000 Correos postal workers, of which 6,000 work in rural areas, to obtain cash in an even more direct way.