Santander has announced a $22.5 billion commitment to digital and technology over the next four years:
This is an excerpt from a story delivered exclusively to Business Insider Intelligence Fintech Briefing subscribers.
Santander will try to replicate the nimbleness of neobanks. The bank is moving its IT infrastructure to a"multi-cloud environment with gloabl platforms" and implementing robotics and machine learning at scale to become more agile. Further, Santander said it would cut the number of executives on its management committee from 24 to 11 in hopes of being able to make decisions faster.
It will also look to improve customer satisfaction with its digital focus. The banking giant said it plans to enhance and personalize consumer experiences, as well as expand many of its digital offerings, including in the payments space, where it sees a significant global opportunity. Neobanks' consumer-centric approach ups the pressure for banks to focus on meeting customer demands and desires, and Santander hopes these initiatives will help improve customer loyalty.
Santander confirmed it plans to expand its online bank, Openbank, to 10 new markets. In Spain, Openbank has over 1 million customers, while over its expansion period it aims to reach 2 million customers. As neobanks continue to attract customers — Revolut and N26 in
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