Background and Relevance of Santander and Openbank
Santander, one of the world’s largest financial groups, launched Openbank, its digital bank, in Mexico in February 2025. The initiative aims to provide a user-friendly, efficient, and close-to-home digital banking experience for Mexican customers.
Openbank has already amassed 110,000 customers and attracted 1,330 million pesos in deposits within just four months of its launch. This success reflects users’ trust in Santander’s digital proposal.
Matías Núñez’s Statement
Matías Núñez, Director of Openbank México, expressed his satisfaction with reaching 110,000 customers in less than four months. He emphasized that this milestone validates the significant potential of Openbank’s 100% digital banking proposal in the Mexican market.
Núñez highlighted that Openbank aims to become the most empathetic, efficient, and accessible digital banking model in Mexico, enabling users to take control of their finances simply, swiftly, and securely.
Growth and Product Offerings
Since its launch, Openbank has experienced steady growth, indicating that more Mexicans are seeking adaptable, intuitive, and secure digital financial solutions that fit their dynamic lifestyles.
Openbank offers a comprehensive range of digital products, including:
- Debit accounts (Open Light and Open): These accounts provide a 10% annual fixed return.
- Credit card (Open): Offers a 3% cashback on purchases and interest-free financing for up to three months on digital purchases.
In recent months, Openbank has introduced new features to enhance customer experience, such as:
- Intelligent assistant: For various operational processes.
- Chatbot: To provide personalized customer service, replacing impersonal communications with attentive and educational interactions.
Openbank plans to expand its product offerings further by introducing personal insurance and loans in the coming months.
Launch and Investment
Openbank was initially launched globally in 2017 and has since become the largest digital bank in Europe by deposit volume. It operates in four European countries—Spain, Germany, Portugal, and the Netherlands—as well as in the United States.
During its Mexican launch event in February 2025, Santander’s global president, Ana Botín, announced a 2,000 million dollar investment in Mexico over the next three years, with part of it allocated to boost Openbank’s presence in the country.
Key Questions and Answers
- What is Openbank? Openbank is Santander’s digital bank, offering a 100% digital banking experience in Mexico and other countries.
- When was Openbank launched in Mexico? Openbank was launched in Mexico in February 2025.
- What products does Openbank offer? Openbank offers debit accounts, credit cards, and plans to introduce insurance and personal loans.
- What investments has Santander made in Mexico? Santander announced a 2,000 million dollar investment in Mexico over the next three years, part of which will support Openbank’s growth.
