Santander is set to make significant strides in the digital banking sphere with the introduction of its Openbank brand in the United States during the latter half of 2024. This expansion will also see the launch of Openbank in Mexico, marking a strategic move to tap into new markets and bolster its global presence.
Openbank, which boasts a robust technology platform developed in-house by Santander, is renowned for its seamless user experience, combining functionality, design, and security. The platform offers a user-friendly interface with competitive fintech pricing, backed by the reliability of a multinational banking institution.
In Europe, Openbank has garnered significant traction, serving over two million customers across Spain, Portugal, Germany, and the Netherlands. With deposits totaling €18 billion ($19.5 billion), it stands as the largest digital bank on the continent, underscoring its appeal and success in the digital banking landscape.
The introduction of Openbank in the US represents Santander’s commitment to delivering a modern, cloud-based banking platform that leverages proprietary technology and global expertise. This move will enable Santander US to accelerate its growth trajectory, particularly in its auto finance segment, by leveraging deposits generated through Openbank.
Ana Botín, executive chair of Santander, emphasized the significance of Openbank’s expansion, highlighting its track record of customer loyalty and satisfaction. She reiterated Santander’s commitment to delivering a winning customer experience in the US market, leveraging its technological capabilities and industry expertise.
To further amplify its presence and visibility in the US, Santander has enlisted the support of champion golfer Jon Rahm as a global ambassador. Rahm, who enjoys widespread popularity and influence, will prominently feature the Openbank brand during his participation in various golf tournaments, starting with the Masters in Augusta, USA. His representation will help raise awareness and bolster Openbank’s profile, particularly in key markets across the Americas and Europe.
Overall, Santander’s launch of Openbank in the US underscores its strategic focus on digital innovation and customer-centric banking solutions. With the backing of its proprietary technology and a renowned global ambassador, Santander aims to carve out a strong foothold in the competitive US banking landscape.