LatAm: Santander plans to bring its digital-only bank Openbank to Mexico

Santander announced plans to bring its digital-only bank Openbank to Latin America revealing the key role its banking subsidiary will play in Santander’s digitalisation strategy.

Openbank, which already operates in Spain with 1.1 million customers, re-launched earlier this year as a 100% digital-only bank, becoming the first bank of this kind in Spain.

Mexico is just one of the countries where Santander is looking to launch the bank. There are plans to launch Openbank in other Latin American countries such as Argentina and Chile, as well as outside the region in the US and the UK.

Mexico could provide a fertile ground for growth for Openbank’s digital-only banking proposition. RFi Group Data suggests 4 in 5 (82%) Mexicans would be more likely to consider a bank that offers good digital banking services.

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