Santander Enters US Digital Banking with Openbank Platform

Santander, the Spanish banking group with €1.3tn (US$1.4tn) in deposits, is launching its digital banking subsidiary Openbank in the US market, marking the group's first nationwide retail banking offering beyond its Northeast American branch network.

The US launch leverages Openbank's cloud-based banking platform, developed in-house as part of Santander's global technology transformation programme. 

The platform integrates core banking systems with customer-facing applications and data analytics capabilities, enabling five-minute account opening through mobile and web channels.

The new bank’s technology stack, which Santander is deploying across its global retail operations, combines traditional banking infrastructure with modern cloud architecture. 

This approach aims to reduce operational costs while maintaining security standards required by US banking regulators.

Market Position

Openbank enters the US digital banking sector with a high-yield savings product. The deposits will support funding for Santander's US auto lending business, which serves 3.7 million customers through Santander Consumer USA, the group's vehicle finance unit.

“Openbank combines the agility and innovation of a fintech with the security and backing of one of the world's largest financial groups,” says Ana Botín, Executive Chairman of Banco Santander. 

“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.”

In Europe, Openbank operates as a digital-only bank across Spain, Germany, Portugal and the Netherlands. The platform has established itself as Europe's largest digital-only bank by deposit volume, offering current accounts, loans and investment products in its mature markets.

The bank plans to expand its US product range throughout 2025, building on its initial savings account offering. The move comes as traditional banks face increasing competition from digital challengers in the US retail banking sector, where deposit gathering has become a strategic priority.

Competitive Landscape

Openbank's US entry occurs amid significant shifts in the digital banking market. Traditional banks are investing in digital capabilities while technology companies are entering financial services, creating a complex competitive environment for deposit gathering and customer acquisition.

Indeed, the technology platform underpinning Openbank's US operations will support future roduct launches planned for 2025. 

“Our goal is to offer US 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,” says Petri Nikkilä, Global CEO of Openbank.

The platform is now accessible to eligible US customers through both the Openbank mobile application, available in major app stores, and through the bank's website at openbank.us. The digital onboarding process reflects Santander's focus on user experience, allowing new customers to begin their banking relationship entirely through digital channels.

The bank's approach combines the security requirements of a regulated financial institution with the convenience expected by digital banking customers. This builds on Santander's experience serving 168 million customers and businesses across Europe and the Americas.

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