Santander has started to roll out its digital Openbank solution for customers and partners in the region of Mexico, including a new website and smartphone app. Following this announcement, Openbank is expected to add a new, strictly digital option to Santander, which already offers app-based solutions and online banking opportunities.

Customers who have previously registered for the waiting list will be expected to be the first ones to join OpenBank. In addition, the financial institution will continue to focus on meeting the needs, preferences, and demands of clients and customers in an ever-evolving market, while prioritising the process of remaining compliant with the regulatory requirements and laws of the local industry. More information on the expansion announcement According to officials of the company, Mexico has the potential for a digital bank, as multiple fintechs and businesses have expanded throughout the region.

At the same time, this initiative would benefit the development of the country, as multiple unbanked individuals and customers go online and traditional bank users reject what they view as poor service. Openbank already operates in multiple countries, such as Spain, Germany, Portugal, and the Netherlands, and represents a digital bank in Europe. The solution was developed in order to offer a savings account with a 12.5% annual return in Mexico, in line with other digital banks in the country.

In addition, Santander aims to optimise the customer experience while accelerating the development of the overall financial landscape as well. Openbank is expected to roll out new products and solutions for its customers and clients in the region of Mexico in the following months. At the same time, Santander made no additional comments on the news, nor elaborated on the matter.

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