Openbank becomes the first full-service digital bank in Spain. The subsidiary of Grupo Santander will now offer customers a full suite of banking products and services through an entirely redesigned mobile app and website.
The new Openbank platform has been developed over the past 15 months in Spain using some of the most advanced technologies. It is one of the first banks in the world to use a cloud-based IT infrastructure. This allows the Bank to offer a 100% digital proposition with novel features and the most advanced security.
Ana Botin, Banco Santander Executive Chairman said: “We want to offer personalized financial services, accessible from anywhere, at anytime. For people who prefer an exclusively digital service that is simple, agile and available via smartphone, with the guarantee of the Santander Group, Openbank is the answer”.
Ezequiel Szafir, CEO of Openbank said: “Openbank offers one of the best digital banking platforms in the world. We have built the bank from scratch using some of the most advanced technologies available, allowing us to provide customized products and services for customers who want a digital only banking proposition.”
Openbank will also become one of the first banks to make extensive use of artificial intelligence and machine learning, allowing the bank to tailor product offerings to individual customers, increase security and fraud protection and continuously improve the speed and quality of credit decisions, such as mortgage approval. In fact, all the commercial activity and the risk algorithms for loans and credit cards are fully based on this technology. The digital marketing is also partly based on programmatic purchasing, which enables the Bank to deliver more customized and relevant advertising.