LatAm: Santander announces large investment plan for Mexico

Santander has announced that it will be investing US$735 million in Mexico over the next three years to modernise branches and develop new business. The bank will be updating customer relations management systems and digital platforms, as well as introducing multifunction ATMs. The Spanish bank currently has over 1,000 branches in Mexico, which employ almost 17,000 people, and is one of the regions four largest banks in terms of assets. 
Hector Grisi, the Director of the Mexican subsidiary, said that Santander hopes the modernisation will help the bank become ‘the best bank in Mexico’ and lead to the acquisition of new customers. 
Santander’s decision to invest in their digital platforms is supported by RFi Group data, which shows that over half of consumers who are likely to switch their main bank in the next 12 months are unhappy with their main bank’s online banking facilities, suggesting investments in this area could be useful for both customer acquisition and retention.
 

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