Santander launches Openbank in US to expand core banking options

credit: Shutterstock
credit: Shutterstock

Global bank Santander has launched its core banking infrastructure Openbank in the US expanding its branch network in North America. 

For the first time, US customers will be able to access Openbank and leverage some of its capabilities. The front-end platform can be opened via the Openbank app within relevant app stores. 

Openbank utilises the modern day capabilities of fintech backed by the security of the traditional finance bank Santander. The platform has already seen success in Europe, becoming the largest digital bank by deposits in countries like Spain, Germany, Portugal and the Netherlands, and achieved one of the highest net promoter scores across the continent. 

Petri Nikkilä, CEO of Openbank, commented on the launch in the US, stating: “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 US customers the best high yield savings accounts through a digital-first service, which is fast, simple with a competitive rate, and a superior customer experience anytime, anywhere.”

The launch of Openbank in the US is a major milestone in Santander’s digital transformation, as the platform runs on its own proprietary technology that is being rolled out across all its global consumer businesses.

The Openbank launch will help accelerate Santander US execution against its growth strategy, generating deposits to fund its auto franchise, whilst also furthering the adoption of digital services in the country.

Further products will be rolled out through 2025, confirmed Satander, allowing Openbank to offer a full banking service in the US, as it already does in Europe.

Ana Botín, Executive Chairman of Banco Santander, added: “The launch of Openbank in the US marks a significant milestone in our group’s transformation. 

“Openbank reflects our belief that to be the best for both our customers and shareholders, deploying our own core and front-end cloud-based technology globally is essential and will deliver sustainable competitive advantage. 

“The US 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 that are simple and fast with a competitive rate.”