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Santander to launch UK digital bank

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  • 14/05/2018
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Santander to launch UK digital bank
Santander has confirmed it is working on a separately-branded, digital banking operation to enter the UK market.

 

The Spain-based lender has previously announced it was working on four areas of innovation within its global group to produce new business platforms.

One of these will be an open digital financial services platform for SMEs – which the lender has now confirmed is being developed in the UK.

A Santander spokesperson said: “We are excited by the opportunity to help more SMEs to prosper and we look forward to sharing more about the platform soon.”

The lender has made a noticeable push into the digital space and revealed that last year it completed almost half of its mortgage retentions online.

And last summer the lender launched a service that allowing customers to apply for their mortgage through a video link to an adviser.

 

Global strategies

The three other reported global innovations the group is working on are:

  • Super Digital – a digital account for the unbanked population in Latin America;
  • Open Bank – a digital challenger bank initially serving the Spanish market acting as a blueprint for a new IT architecture;
  • One Pay FX – a blockchain-based international money transfer service which was launched last month for retail customers in the UK, Spain, Brazil and Poland.

The operations are based on a start-up model led by independent CEOs and sponsored by country heads.

 

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