Santander is Launching Openbank for the US Market
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Banking platform Santander has announced the launch of a new offering for the US market under the Openbank brand.
This Openbank brand will launch during the second half of 2024. The platform will also launch in Mexico during the same period. The offering seeks to make banking services readily available to its customers in the US and Mexico.
Santander to Launch Openbank in the US
Openbank is a platform that leverages technology to design an in-house offering at Santander. This platform enables customers to access the best experiences easily and securely. The platform also comes with an intuitive user experience.
Openbank offers the same benefits as a fintech including pricing. It also benefits from the trust of a global bank, as seen with the recent offering by Santander.
Openbank has already received support from some of the largest banks in Europe. The platform has over two million customers in Germany, the Netherlands, Portugal and Spain. It also has deposits worth €18 billion, making it the largest digital bank in Europe by this metric.
While Openbank is readily available in Europe, the same cannot be said for the US. The launch of Openbank for US customers will mark the first time that Santander is using its main award-winning proprietary technology to create a cloud-based banking platform that is innovative and secure.
The launch of Openbank in the US will also accelerate Santander’s growth plans. The bank has been working on developing a profitable growth strategy while also generating deposits to fund one of the largest auto franchises.
Improving Customer Experiences for the US Market
The Executive Chair at Santander, Ana Botín, opined that Openbank not only had a significant share of the European market but also ranked high in terms of customer loyalty and satisfaction.
‘We remain committed to growing our business in the United States, the largest financial services market in the world, leveraging our proprietary technology and global expertise to deliver a winning customer experience,” Botín said.
Santander is already running a marketing campaign for Openbank. It will be working with its global ambassador, Jon Rahm, for this offering. Rahm and the team will wear an Openbank logo on their shirt in multiple competitions. Rahm will ensure Santander and Openbank can increase their visibility across North America.
Santander has also been making changes to its appointments. Earlier this month, the bank announced the appointment of Swati Bhatia, the former head of Marcus business at Goldman Sachs as the lead for its digital-first retail charge in the US.
The bank also announced laying off around 300 employees in different divisions across the US. In some cases, it has changed operations in some branches to only focus on online and mobile channels.
