Santander - Innovation Steps
We have provided a list of different innovations that Santander has pursued throughout its businesses worldwide. Further details about each innovative step are documented below.
- Santander launched a $100 million fund in July 2014 to address disruptive innovation in the fintech space.
- The company partners with small companies and startups to support digital revolution in their business to serve their customers better.
- InnoVentures serves the company's innovation agenda by investing in fintech companies and helping them grow from the seed stage.
- Although the fund was launched in 2014, the company dedicated another $100 million to the fund two years later, which will be used to invest in fintech startups.
- Santander invested £350 million ($453 million) in a UK payments platform named Ebury recently this year.
- Through this partnership, Santander aims to "deliver faster and more efficient products and services for SMEs, previously only accessible to larger corporates."
Investment in Digital Technology
- During the first half of 2019, Santander announced plans to invest €20 billion in digital technology over the course of the next 4 years.
- Through this investment, the bank plans to elevate its 'speedboat' businesses, "which will allow it to evaluate new solutions and seek new customers in the open market."
- The bank will also "transition its IT infrastructure towards a multi-cloud environment while using agile methodologies to accelerate its overall business and technology transformation."
- Santander built a $200 million technology hub in the UK towards the end of 2018.
- The technology hub is built in the English town of Milton Keynes. Nathan Bostock, Chief Executive of Santander UK, said on the launch of the hub, "We want a workplace which truly reflects our culture and our vision for the future, which is based on innovation and harnessing new technology to make banking simpler and more personal for our customers."
- Santander Brazil launched its mobile and online platform Superdigital.
- Users can make and receive payments without a bank account using Superdigital. The platform was launched in April 2017.
- Santander calls it "Banking without a bank". The platform has over 1 million users by the end of 2017.
- Santander X is a platform that brings together all programs that support university entrepreneurs for over 20 years through Santander Universities. The aim behind the development of the platform is to provide a common place to meet for entrepreneurs.
- Santander X brings universities and entrepreneurs together "to share knowledge, experience, and best practices. So far, more than 60 universities have signed up for the project and many more are expected."
- The platform was introduced in 2017.
- In 2017, Santander introduced the first fully digital bank in Spain by the name of Openbank.
- The commercial activity of Openbank is based on artificial intelligence and machine learning. This enables "greater knowledge of customers, better analysis of risks and a more personalized selection of products and services offered via a completely revamped website and mobile app."
SMART RED Branches
- Santander has made its branches richer in terms of digital technology and provided innovative solutions to customers by eliminating architectural barriers. This was a recent initiative during the last fiscal year.
One Pay FX
- In 2018, Santander introduced a blockchain-based international payment service called One Pay FX.
- This service was introduced in the UK, Spain, Brazil, and Poland.
- One Pay FX customers can make payments of up to EUR 11,000 per day.
- The service is all set to launch in the US as well.
Other Digital Solutions
The company also launched a number of other digital solutions in a number of countries in 2018.
- The company also launched GPI Swift in Argentina, which is a certification program for international payments. It also expedites payments and allows tracking as well.
- SuperNet, SuperMovil, and Super Wallet were launched in Portugal to improve mobile and online banking services to customers.
- Chatbot Customer Service was also launched in Chile that uses artificial intelligence "to understand and solve customer needs in real time."
In an attempt to fuel the growth of small- and medium-sized businesses (SMEs), Santander launched a number of solutions.
- In 2018, Santander launched We.trade, a platform that simplifies the interface and offers companies an easier way to embrace new business opportunities by leveraging the innovation of 'smart contracts'.
- In October 2018, Santander launched the 1I2I3 Business current account for SMEs in the UK, which seeks to disrupt the business banking market. 3 trade corridors were also established during the year to further develop the international proposition.
- A new business model was also launched for SMEs in Mexico called ROF PyME, which assists in the growth of SMEs.
- Santander Sostenible is an innovation in Santander Asset Management in Spain. "The investment process aims to identify those issuers that are best prepared to face the challenges of the future, and does so by applying an analysis of four sustainability axes: financial, environmental, social and corporate governance."
- Santander Sostenible, launched in 2018, is made up of three funds including Santander Sostenible 1, Santander Sostenible 2, and Santander Sostenible Acciones.
Santander Bank Polska S.A.
- A transformation project is underway at Santander Bank Polska S.A. The aim of the project is to expedite the provision of innovative solutions and the analysis of technology needs for the customers.
- Multichannel, individual customer, risk, and consumer engineering are four tribes that were established towards the end of September 2018.
- In 2018, Santander has launched certain innovative tools in the automotive industry as well, e.g. the implementation of the Cockpit tool in Webmotors, which is an innovative platform that accommodates the resale process of vehicles.
- Another automotive solution named Autopago was launched that offers a more secure sale and purchase solution for individuals.
- In Brazil, Santander Auto was launched, which is a fully digital insurer.
- Santander claims to be the leading bank in auto finance with a 23.7% share of the market.
Local Innovative Solutions
- Santander has launched multiple innovative solutions in multiple countries across the globe in 2018.
- In Mexico, the bank boosted innovation across multichannel and digital channels.
- Select Me was also launched in Mexico, "which seeks to support women in their day-to-day tasks and in their professional life."
- In Argentina, a new online banking solution was launched, "representing a renewal towards a more digital innovation experience and closer to customers, which was well accepted, while increasing the functionalities of mobile banking."
- The bank has also innovated in the way they interact with customers, e.g. by transforming traditional branches into new collaborative spaces while focusing on digital capacity and customer experience. Examples include "the new Work Café branches (Chile, Brazil, Spain, Portugal and Argentina), the SMART branches (Spain, the UK) and Santander Ágil in Mexico."
Santander Way App
- Santander Way, launched in 2017, is an app that aims to make credit card transactions easier. The app was well-received and has accrued high ratings on both the Apple Store and Google Play Store.
- Santander Pass was launched in the last quarter of 2017. It enables contactless payments through the use of NFC (Near Field Communication) technology in the form of a bracelet and a sticker.
Santander is a global bank and its innovative solutions are not hidden from the world. We researched through the Santander website, including local websites, as well as the annual reports to gather insights about the company. We also searched through credible news and media outlets to find more details about a given event. We have compiled a comprehensive outlook of the innovations that Santander has pursued during the last couple of years.