The launch of Grupo Santander’s digital first banking platform will drive up retail business growth in a key market. 

Mexico has become one of the Group’s core markets, with a constantly evolving financial sector that has huge growth potential. Since touching down in Mexico in 1997, Santander has worked to increase access to financial services and bolster the local banking ecosystem.

And digital transformation has been pivotal to this. At present, 80% of Mexico’s population uses mobile devices, which has fuelled demand for digital banking services and led to the emergence of new players. Against this backdrop, Openbank arrives in Mexico with a fully digital model that adds to Grupo Santander’s proposition and drives the capture of customers who want agile and accessible financial solutions.

It has a local banking licence and a proposition that seeks to meet the needs of the market through digital products and services with no fees and competitive savings and borrowing rates. The bank’s experience in Europe and recent launch in the US reflect the soundness of its model, which is based on in-house-built technology and a fully digital operating system.

Openbank’s platform, which it has successfully rolled out in Germany, the Netherlands, Portugal and Spain, adapts to Mexico’s market with a proposition that focuses on user experience. What’s more, being part of the Santander network means that customers can bank at over 10,000 ATMs free of charge across the country. 

Technology as the backbone of banking transformation

Openbank’s technology infrastructure has been key to its international growth. Its digital banking model allows for constant updates and smooth operations by combining the flexibility of a fintech and the backing of a global financial group.

This platform has helped Openbank become one of the most valued digital entities in Europe, having achieved high scores in customer satisfaction indices such as the Net promoter score (NPS). Its adaptability and scalability enable it to meet users’ needs and market conditions everywhere it operates.

Retail business expansion with a customer-centric proposition

Openbank’s launch in Mexico bolsters Group Santander’s digitalization strategy in this country and broadens its retail business footprint. Operating digitally is a nod to increasing customer demands for simple, accessible mobile banking solutions.

Among the products that Openbank offers in Mexico are the Débito Open account, with no minimum balance or fees; savings accounts with competitive interest rates; and cards with cashback on purchases, deferral options, and other benefits.  Account opening is fully digital and takes less than five minutes on the Openbank website or app.

Under this model, Santander is looking to strengthen its business in Mexico by embedding digital innovation in its strategy and providing customers with new ways to bank. Openbank is a further step in the Group’s transformation, aligning with sector trends and the increasing digitalization of Mexico’s financial market.