Digital and personal advice and services merged for enhanced financial accessibility in society, a pivotal factor emphasized by Ana Botín in her Fortune discussion.
Santander, a global banking giant, has been at the forefront of financial inclusion for the past decade, leveraging digital innovations to offer accessible banking services, particularly in emerging markets where traditional banking infrastructure is limited.
Fifteen years ago, the bank launched the "Prospera" program, providing microcredits to small entrepreneurs. Today, this program operates in Argentina, Colombia, Chile, and Brazil. However, specific data about the number of people helped or grants given in 2020 remains unavailable.
Ana Botín, Executive Chairman of Banco Santander, has emphasized the importance of fair, affordable financial products and services for financial empowerment. She has also underscored the need for better, faster, and affordable digital payment services.
Santander's digital banking solutions include Openbank, a digital bank that is expanding its reach beyond borders. The bank has also been partnering with fintechs to strengthen its digital platforms and extend services to the underbanked population.
In line with its commitment to financial inclusion, Santander has pledged to financially empower 10 million people by 2025. One of the initiatives towards this goal is the "Tuiio" program in Mexico, which aims to empower people financially and generate a measurable social impact.
Santander also facilitates access to financial services through Superdigital, a platform designed for professional projects and personal needs. This strategy is being implemented through PagoNxt, one of Santander's growing cornerstones.
In 2020, Santander approved 4,500 microcredits a day in South America, helping a total of 2.9 million people. Unfortunately, no information has been provided about the number of people to be empowered by 2025.
Botín and Michael Miebach, CEO of Mastercard, recently participated in a digital encounter organised by Fortune magazine, discussing the banking sector, digital payments, and financial inclusion. The aim is to increase and reinforce customer transactionality and loyalty.
One innovative branch concept by Santander is the Work Café, a space designed to provide a comfortable and productive environment for customers to work, meet, and manage their finances.
Santander X, another initiative by the bank, awards prizes to the most innovative companies in the circular economy. This program underscores Santander's commitment to sustainability and innovation, key drivers in the financial sector's digital transformation.
The global trend over the last 10 years shows that digitalization is crucial to progressing financial inclusion. By reducing geographical, cost, and physical infrastructure barriers, digital innovations have enabled many previously excluded populations to join the financial system. However, challenges remain in bridging gaps in less connected regions, requiring continued efforts in digital infrastructure and regulatory support.
In conclusion, Santander's strategic embrace of digital tools is a significant contribution to the advancement of financial inclusion worldwide. As the banking sector continues to evolve, Santander's commitment to financial empowerment, innovation, and sustainability positions it as a leader in the digital banking revolution.
- Santander's commitment to financial inclusion extends beyond microcredits, as it aims to empower 10 million people by 2025, with initiatives like the Tuiio program in Mexico.
- Aware of the need for financial education, Santander partners with fintechs to strengthen its digital platforms and extend services to the underbanked population, emphasizing the importance of accessible banking services for business, personal-finance, and everyday needs.
- Leveraging technology, Santander X awards prizes to innovative companies in the circular economy, underscoring the bank's commitment to sustainability and innovation, as digitalization becomes a key driver in the financial sector's transformation towards financial inclusion.
