The Bank of Spain published a presentation speech by Deputy Governor Soledad Núñez introducing a Funcas issue of Papeles de Economía Española on new challenges for the banking sector. The remarks centre on how digital transformation, including artificial intelligence (AI), is reshaping banking and why foundations are needed for AI to be used in a safe, trustworthy and ethical way. The speech highlights that AI adoption in banking is still relatively early but already offers efficiency and customer-experience gains alongside material challenges, notably explainability of AI-generated output. Citing a European Central Bank article, it notes that most banks already use tools to monitor AI model outputs, complemented by human validation and limits on “self-learning” models, and stresses the need for validated input data, robust governance and rigorous quality standards as AI use expands beyond areas such as credit scoring and fraud detection. It also points to dependencies on external technology providers as a transparency-related issue that can create vulnerabilities, and frames wider digitalisation as leading to more decentralised and programmable markets, new actors and products (including equity crowdfunding) and a larger role for non-bank financial intermediation, requiring solid institutional frameworks, operational resilience, oversight of critical service providers, and strong governance of data and core processes while ensuring inclusive access to financial services. Beyond digitalisation, the speech identifies geopolitical risk and sustainability as structural challenges for banks. It calls for banks to integrate geopolitical risk into their usual models to anticipate disruptive scenarios, noting that recent shocks have been cushioned by extraordinary public measures including European Union Next Generation EU funds but that fiscal positions may constrain future responses. On sustainability, it argues that delayed action would harm global growth and flags the lack of high-quality data as a key obstacle to reliable, measurable transition plans, while also describing the transition as a potential source of new business and greater resilience.
Bank of Spain 2026-02-10
Bank of Spain Deputy Governor sets out banking sector challenges with focus on AI governance, third-party risk and sustainability
The Bank of Spain's Deputy Governor Soledad Núñez emphasized digitalisation and AI's transformative impact on banking, stressing safe, ethical AI use and robust governance. She addressed challenges like dependencies on external tech providers, geopolitical risks, and sustainability, urging banks to integrate these into their strategies. The speech noted potential new business opportunities and resilience through sustainable transitions, despite data quality challenges.