Banks are facing a new breed of competitor, BBVA chairman says

Francisco Gonzalez said that it is tech firms, both large and small, that the banking industry should be monitoring – and not other financial institutions. One of the biggest challenges for the banking system is adapting to the fast-changing tech world, with digital currencies and online banking taking center stage. Banks need to start paying more attention to the technology sector as this is where their future competitors lie, the executive chairman of Spanish lender BBVA said Wednesday.