Last Tuesday, November 19, Santander’s fully digital bank, Openbank, was launched in Mexico.
The Openbank Mexico website and app are already available to users in the mentioned country. In this case, consumers are offered a fully digital bank, which services do not provide minimum balances and fees. The virtual financial institution also pledges clients competitive interest rates. The relevant information is contained in a press release published by Santander on Tuesday.
The mentioned press release also noted that customers can access round-the-clock telephone support. Besides, in this case, consumers will be able to use all 10,000 Santander ATMs in Mexico.
Openbank Mexico chief executive officer Matías Núñez stated that the virtual lender is now a reality for all Mexicans who want to manage their finances quickly, easily, 100% digitally, and with the security and solvency of Santander. According to him, in this case, the offer for consumers combines one of the most advanced digital banking experiences with the best financial technologies. He also drew special attention to the trust and backing of a large international financial group.
Openbank has already successfully tested its digital banking experience in countries such as Germany, the Netherlands, Spain, and Portugal. Currently, this financial institution is the largest European virtual lender in terms of deposit volume.
In recent weeks, the process of operation of Openbank in the United States began. The digital lender intends to provide financial services to consumers throughout the mentioned country. The relevant information is contained in the press release.
Openbank Global chief executive officer Petri Nikkila stated that the banking model of this virtual financial institution is the main component of the digital transformation of Santander. Also, in this case, it was separately noted that Mexico is a market with great potential for Openbank.
It is worth mentioning that in April Santander announced its intention to launch its digital bank in Mexico and the United States. As of today, the relevant plans have been implemented. In April, Openbank served 2 million customers in four European countries. At that time, the digital lender had deposits worth 18 billion euros (about $19.5 billion).
Last month, Santander announced the official operation of Openbank in the United States. It was also separately noted that the launch of the mentioned digital banking platform means a significant expansion of Santander’s consumer service operations in the US beyond the Northeast.
Three days after the launch of Openbank, which offers high-yield savings accounts to customers, in the United States, Santander executive chair Ana Botin announced that by the end of 2025, there will be a full-service digital bank in the country.
It is worth noting that Santander is one of the few European financial institutions with a retail presence in the US. In the United States, this bank has 409 branches, mainly in the northeastern part of the country. At the same time, the scale of the financial institution’s activities in the US is expanding.
As we have reported earlier, Amazon and Santander Launch Amazon Visa Credit Card in Germany.
