Santander's Mexico unit is poised to unveil its digital bank, Openbank, in the next few months, marking the final stages of the anticipated roll-out, according to Reuters.
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Matias Nunez, Head of Digital and Innovation at Santander Mexico, conveyed the news during an event with startup adviser Endeavor, stating, "Openbank's launch will be this year, soon." Nunez expressed optimism, anticipating a return to discuss the official launch in just a few months.
In Mexico, where traditional banks grapple with the swift rise of digital counterparts, Santander faces competition from Banorte, set to launch Banco Bineo next week, and Brazilian fintech Nubank, boasting over four million clients in Mexico by September.
Highlighting Santander's broader digital initiatives, Nunez mentioned the introduction of a customer-service bot on its social media, powered by artificial intelligence application ChatGPT. The Santander application witnessed over 40% growth in transfers in December compared to the previous year, exceeding 40 million transactions.
Santander Mexico integrated DiMo, an electronic transfer platform from Mexico's central bank, into its application last year. Nunez reported that more than 700,000 clients have utilized the service to date.
As Santander Mexico adapts to the digital shift, the imminent launch of Openbank reflects a strategic move to meet the growing demand for digital financial services. Stay tuned for further updates as Openbank's launch date approaches.
