Spain, Europe’s leader in technological acceleration due to Covid-19

Spain, Europe’s leader in technological acceleration due to Covid-19

Spain is already digital by positioning itself as the country in Europe where the use of digital technology has grown the most due to the pandemic, both at work and in the personal sphere

eToro discovers the important evolution of Spain in the use of technology this course

Spaniards are at the forefront in the Old Continent in the use of online banking, the adoption of online investment platforms or the consumption of hardware and software.

These are some of the main conclusions of the study of the Center for Economic and Business Research (CEBR) that has been promoted by the multi-asset investment platform eToro and in which 18,000 people from Germany, France, the United Kingdom, Spain, Italy, the Netherlands, Denmark, Poland and Romania have participated.

The Spanish case is the most striking because while the European average in digital transformation has accelerated by 36 percent, in the case of Spain it has been 49 percent.

Strong growth potential of online investment

In addition, the country also stands out in terms such as the greater use of new technologies, 42 percent, or the digital predisposition that rises to 70 percent.

Online banking is a good example of a well-established digital technology in this cycle. It is the technology that Europeans engage with most regularly, with almost a quarter, 23 percent, using it on a daily basis.

The data rises to 32 percent in Spain. 78 percent of Europeans use it, at least once a week. Online investment is currently in second place, although with strong growth potential.

29 percent of the Spanish interviewees acknowledged having actions before the pandemic, in line with Italy, above the rest of the major economies and four points more than the European average, 25 percent. But only 10 percent admit to being more active in the markets during the outbreak of the pandemic, while 64 percent (the average 68 percent in Europe) have been neither more nor less active as a result of Covid-19 .

Cybersecurity and digital divide

Of course, despite the fact that the vast majority of interviewees support greater digitization, concern about the associated risks is also growing. Almost all of those surveyed, 97 percent, have some concerns about the risks of cybercrime.

The social repercussions also weigh: 95 percent are at least a little concerned about the digital divide, as people who do not have access to digital technologies are left behind.

This highlights that fostering equitable access to digital technology can be key to getting people interested in the wider use of technology.

This content is for informational purposes only and cannot be considered investment advice or recommendation. Past performance is not an indication of future performance. CFDs are leveraged products and carry great risk to capital. eToro is an entity regulated in Europe by the Cyprus Securities and Exchange Commission under license # 109/10 and registered with the CNMV within the Investment Services Companies section of the European Economic Area in Free Service. Your capital is at risk.