9  production, and the entry of major web companies in the payment services market bring strong competitive pressure to bear but also support innovation. These may represent valuable opportunities for the banks. There is no single, winning business model. Our analyses indicate that profitable banks are active in many different sectors but have in common a high efficiency and productivity.
Of the 125 banking groups supervised by the SSM, about 20 have had an average ROE of at least 6 per cent in the last three years. This subset has a low cost-income ratio, mainly thanks to much higher than average unit revenues. Such results are achieved by combining technology with human capital and efficient organization.