Introduction to Openbank Mexico and its Global Success
Openbank Mexico, Santander’s digital bank, was officially launched in February as part of a successful global model primarily tested in Europe. The bank aims to adapt to the local Mexican market, according to Matías Núñez, General Director of Openbank Mexico.
Addressing Concerns about Digital Banks from Traditional Institutions
When asked if a digital bank from a traditional bank could face short-term challenges, as another institution of this type reportedly is experiencing, Núñez responded:
“For us, it’s a proven digital banking model in Europe and partially tested in the US, which works, has products, clients, knows how to grow digitally, and most importantly, has the backing of the group.”
He further explained, “We are not an isolated initiative in Mexico; that might determine our fate based on scale, size, technology, and other factors.”
Operations and Investment in Mexico
Launched globally in 2017, Openbank has become, according to the group, the largest digital bank in Europe by deposit volume, with a presence in four European countries: Spain, Germany, Portugal, and the Netherlands. Additionally, it operates in the US and Mexico, with the latter recently starting operations.
In Mexico, Openbank received formal authorization from the Mexican Banking and Securities Commission (CNBV) in October 2024 but began operations on February 18.
In this context, Santander’s President announced a $2 billion investment in Mexico over the next three years, with part of this amount allocated to boost Openbank in the country.
Current Status and Future Expectations
Currently, Openbank Mexico has nearly 30,000 customers who can transact using products such as high-yield accounts, credit cards, and service payments.
“I would say that the initial set of products covers what Mexicans need daily, such as purchases, payments, interest rates on checking accounts—something few banks offer… It’s quite comprehensive, and we expect to keep meeting and improving the product set that Mexican customers need to make us their preferred digital bank,” Núñez highlighted.
He emphasized that Openbank’s differentiator compared to similar options is its unique blend of digital and physical benefits. Customers can access Santander’s network of 10,000 ATMs for free and benefit from deposit insurance managed by the Instituto Para la Protección al Ahorro Bancario (IPAB), among other advantages.
Openbank aims to be one of Mexico’s leading digital banks within the next five years.
Key Questions and Answers
- Q: How does Openbank Mexico plan to adapt its global model to the local market? A: Openbank Mexico aims to adapt its successful global model, tested primarily in Europe, to the local market by offering a blend of digital and physical benefits tailored to Mexican customers’ needs.
- Q: What challenges does Openbank Mexico anticipate in the short term? A: Matías Núñez, Openbank Mexico’s General Director, believes that the bank’s proven digital model in Europe and partial testing in the US will help it overcome any short-term challenges.
- Q: What products and services does Openbank Mexico currently offer? A: Openbank Mexico offers high-yield accounts, credit cards, and service payment options. The bank aims to expand its product set based on customer needs.
- Q: What sets Openbank Mexico apart from other digital banking options? A: Openbank Mexico differentiates itself by offering the best of both digital and physical worlds, including free access to Santander’s 10,000 ATMs and deposit insurance managed by the IPAB.
- Q: What are Openbank Mexico’s future expectations? A: Openbank Mexico aims to become one of Mexico’s leading digital banks within the next five years.
