Santander’s Mexican unit to debut its digital banking service, Openbank, in the coming months.

Matías Núñez, Director of Digital and Innovation at Santander México, revealed that the bank’s digital product is in its final stages of preparation, with the launch scheduled for this year.
Santander's Mexican Unit To Debut Its Digital Banking Service, Openbank, In The Coming Months.
La Relocalización Beneficiará El Crecimiento De Las Tecnologías Limpias En México

Openbank, the digital arm of the banking giant, received its operating license in Mexico in July. The impending launch positions Santander to compete in Mexico’s rapidly evolving digital banking landscape. Núñez expressed optimism about discussing the launch in detail in a few months.

In Mexico, traditional banks are racing to catch up with the surge in digital banking. Santander’s rival, Banorte, is set to launch its digital banking service, Banco Bineo, next week. Brazilian fintech Nubank has also made significant inroads, surpassing 4 million customers in Mexico as of September end.

Santander México has been actively embracing digital innovation. Núñez highlighted the bank’s recent initiatives, including being the first to deploy a customer service bot on social media using ChatGPT. Additionally, Santander’s app transactions saw a 40% growth in December compared to the same period the previous year, surpassing 40 million transactions.

Santander México integrated the central bank’s electronic transfer platform, DiMo, into its app last year. The service has already attracted over 700,000 users, signifying the bank’s commitment to digital transformation and enhancing customer experience in Mexico’s evolving financial landscape.

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