Photo: Grupo Santander
Openbank, Grupo Santander’s fully digital bank, announced its launch in Mexico with a complete suite of everyday financial products. After having received some 30,000 requests to join the waiting list in recent weeks, one of the world’s most advanced digital banks — backed by Santander — today welcomes its first customers in Mexico, who can sign up in just five minutes.
With its fully digital proposition, Openbank’s unique model combines the innovation and benefits of a fintech with a broad range of products that meet core financial needs, a 24×7 customer service line, and a network of over 10,000 Santander ATMs countrywide. Its agile and simple technology platform, which it constantly enhances, helps manage day-to-day finances, and its efficient structure enables it to offer competitive savings products and loans with the guarantee of a bank that’s part of Grupo Santander.
As its first steps on Mexican soil, Openbank is launching the Débito Open account with a 10% yield, no minimum balance or fees, and backed by the Instituto para la Protección al Ahorro Bancario (Institute for the Protection of Bank Savings — IPAB) up to MXN 3.35 million. What’s more, customers get free SPEI transfers, cash withdrawals at Santander ATMs, a debit card, and a credit card with 3% cash back on online purchases and the possibility of three-month, interest-free deferrals on purchases over MXN 1,500.
Openbank is Santander’s digital first model that will enable the Group to grow its retail business through a platform built using in-house technology and tested successfully in several European countries in recent years. It is the most valued bank by its customers in its core European market and operates in Germany, the Netherlands, Portugal, Spain and the US, where it has captured USD 2 billion in deposits in its first three months.
Openbank is a direct bank headquartered in Madrid, Spain. Since its foundation in 1995, it has been a subsidiary of Grupo Santander. According to the Spanish Banking Association, nearly 1,350,000 accounts had been registered with the bank as of 2016. Openbank currently operates in Spain, Portugal, Germany, the Netherlands and the United States.
