Santander expands US footprint with the launch of Openbank
By Gloria Mathias
Santander has announced the launch of Openbank in the United States. This will enable the group to serve individual consumers nationwide for the first time, expanding beyond its established branch network in the Northeast.
Through the Openbank brand, Santander will offer U.S. customers a competitive, high-yield savings product and an intuitive, secure, and seamless customer experience. Further products will be rolled out through 2025, allowing Openbank to offer a full banking service in the US, as it does already in Europe.
The launch of Openbank in the U.S. is a milestone in the group’s transformation. The platform runs on Santander’s proprietary technology, which is being rolled out across all its global consumer businesses.
The platform integrates the bank’s core banking infrastructure with a front-end customer and data layer that enables, among many other benefits, account opening via the Openbank app or website in as little as five minutes. The Openbank launch will help accelerate Santander US execution against its growth strategy, generating deposits to fund its leading auto franchise.
Ana Botín, Executive Chairman of Banco Santander, shared, “The launch of Openbank in the U.S. marks a significant milestone in our group’s transformation. The U.S. is a key market for us, where we have been expanding our business over the past years. Openbank is banking made easy and will offer the best high-yield savings accounts in America, which are simple and fast, with a competitive rate, and built by Santander.”
Openbank combines the agility and innovation of a FinTech with the security and backing of one of the world’s largest financial groups. It is currently Europe’s largest 100% digital bank by deposits, with operations in four European countries (Spain, Germany, Portugal, and the Netherlands).
“Openbank is one of the most advanced digital banks in Europe, with a complete value proposition that has been successfully tested across various markets. Our goal is to offer U.S. customers the best high-yield savings account through a digital-first service, which is fast, simple with a competitive rate, and a superior customer experience accessible anytime, anywhere,” added Petri Nikkilä, Global CEO of Openbank.
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