Santander Launches Openbank Digital Brand in the US and Mexico

Santander is expanding its digital footprint by bringing its successful Openbank brand to the United States and Mexico, according to Finextra. Openbank, which currently boasts over two million customers in Europe and €18 billion in deposits, more than any other digital lender on the continent, will introduce its cloud-based, in-house-built technology platform to these new markets in the second half of 2014.

The move aims to provide customers with a secure, easy, and simple banking experience, blending fintech pricing with the reliability of a global bank. To lead this initiative, Santander has appointed Swati Bhatia, formerly head of Goldman Sachs’ Marcus business, as the head of its digital-first retail efforts in the US.

As part of its digital transformation, Santander has let go of approximately 330 employees in the US. Some branches will pivot towards assisting customers with online and mobile banking channels, reflecting the shift towards digital banking experiences.

Ana Botín, Executive Chair of Santander, emphasized the bank’s commitment to expanding its US presence, leveraging its proprietary technology and global expertise to deliver an exceptional customer experience in the world’s largest financial services market.