Introduction to Openbank and its Unique Position
Openbank, the digital banking arm of the Spanish financial giant Grupo Santander, has recently entered the Mexican market with a mission to become one of the leading digital banks in the country. With operations commencing in October 2024 and officially launching in February 2025, Openbank already boasts approximately 28,000 clients.
Who is Matías Núñez and Why is Openbank Relevant?
Matías Núñez, the General Director of Openbank México, highlights that Mexican consumers are increasingly choosing between traditional banks and fintech companies. Openbank aims to occupy the advantageous position of combining the simplicity and agility of digital banking with the security provided by a full banking license, backed by Santander’s global financial group.
Openbank’s Product Offerings
Openbank offers a wide range of products, including simplified accounts, bill payments, standing orders, transfers, debit and credit cards, along with various benefits. The bank plans to introduce insurance offerings soon as well.
- Simplified accounts
- Bill payments
- Standing orders
- Transfers
- Debit and credit cards with diverse benefits
- Upcoming insurance offerings
Núñez emphasizes that Openbank’s successful global model will be adapted to suit the Mexican market.
Untapped Market Potential
With low banking penetration in Mexico, Openbank seeks to capture a portion of this market and contribute to financial inclusion. Núñez points out significant growth opportunities in investments, deposits, digital intermediation, and payments.
“There’s an immense opportunity to grow in investments, deposits, digital intermediation, and payments… there’s plenty of room for a substantial digital player in Mexico,” he argues.
Openbank competes with both traditional and digital banks, as well as fintech companies. While all banking institutions are considered competition, Openbank aims to target a younger demographic segment.
Payroll: A Crucial Product for Openbank
Openbank plans to introduce additional consumer loans and, more importantly, payroll portability. This product is vital in the Mexican market as it targets individuals with stable incomes, who generally pose lower risks to banks.
“It’s one of the most important products in the Mexican market. Those with stable salaries, due to their steady income flow, present lower risks for banks. Our goal is to capitalize on this potential by offering payroll portability, rather than maintaining salaries ourselves.”
Openbank’s Unique Advantage
Núñez concludes by stating that Openbank leverages the strengths of both global and local infrastructure, providing secure, efficient services while offering benefits to clients.
