The Openbank digital banking platform, which is part of the Santander virtual ecosystem, has officially become available to consumers living in the United States.
The launch of the mentioned platform in a new market means a significant expansion of the client banking operations of the specified financial institution in the US. In this case, the geography of the lender’s services extends beyond the Northeast, which allows the bank to serve customers throughout the specified country. The relevant information is contained in the Santander press release, which was published on Monday, October 21.
Access to Openbank is provided to customers after completing an onboarding procedure, which can last only five minutes through the app or via the website. The relevant information is also contained in a press release published by the financial institution.
Openbank is based on a proprietary technology. This platform combines the core banking infrastructure with what the lender calls a user-friendly front-end interface that enhances customer service while reducing operational costs.
Banco Santander executive chairman Ana Botín said that Openbank reflects the financial institution’s belief that the deploying of its own core and front-end cloud technologies around the world is important and will deliver a sustainable competitive advantage. She also noted that the United States is a key market for the lender, where it has been expanding its business in recent years. According to her, Openbank is banking made easy and will offer the best high-yield savings accounts in America. She noted that the mentioned accounts are simple, fast, and characterized by competitive rates.
Openbank is part of a broader financial institution growth strategy. In this case, the concept of the lender’s activities for the rolling out of additional banking products during 2025 is envisaged.
As part of the expansion efforts of operation, the financial institution aims to offer local consumers in the United States a full range of banking services similar to existing offerings in the European market.
In a press release from the lender, it was noted that the launch of Openbank in the US will help accelerate the implementation of Santander’s growth strategy in this country. Separately, it was underlined that the corresponding goal could be generating deposits to fund the bank’s leading automotive franchise.
Openbank global chief executive officer Petri Nikkilä stated that the goal is to offer US customers the best high-yield savings account through the digital-first service, which is characterized by speed, simplicity, competitive rates, and a superior customer experience that is available anytime, anywhere.
Last month, Santander Consumer announced an expansion of its small business offering to all auto dealers using its platform. In this case, it means a program that allows business owners of the mentioned category and entrepreneurs to finance vehicles through Santander’s consumer banking unit, broadening the financing options available to them.
As we have reported earlier, Amazon and Santander Launch Amazon Visa Credit Card in Germany.
