Openbank closes 2021 as its best ever year

Openbank, the 100% digital bank of Grupo Santander, closed 2021 as its best ever year in terms of business growth. Over the past 12 months, the bank added more than 325,000 new customers, now totalling over 1.7 million, while recording growth in all the countries in which it operates. Taking into consideration the markets outside of Spain in which Openbank is present (Germany, Portugal and the Netherlands), the increase comes to over 80%. In addition to expanding its customer base, Openbank has also become the most recommended bank by its customers. Openbank obtained the best NPS (Net Promoter Score) out of all the banks operating in Spain, according to data collected during November and December in the customer experience report from Accenture consulting firm.

Last year, Openbank doubled its new mortgage take-up compared to 2020. New mortgage lending has been marked by strong growth in fixed-rate mortgages, which already account for around three quarters of the total portfolio. The bank’s offering continues to be one the most competitive on the market with fixed interest rates starting at 1.15% NIR (1.35% APR) and variable rates from Euribor + 0.95% NIR.

In the investment business, Openbank Wealth achieved the best year in its history, doubling the assets under management in its robo-advisor automated investment service. In terms of return, the five management strategies ended the year in the black with an increase of more than 20% generated by the most dynamic (Dubai), 11% by the intermediate strategy (Taipei), and 0.85% by the most defensive (Kuala Lumpur).

As for investment funds, net inflows exceeded the 2020 total by more than 200%, while broker trading transactions maintained double-digit growth rates, the same as the previous year.

Mobile payments up by 120%

Throughout 2021, the trends in using mobile payment methods, which shot up due to the pandemic, have been ongoing. Credit card billing rose by more than 50%, continuing the increased weighting of mobile phone transactions (120% higher than in 2020). Currently, a quarter of purchases made by Openbank customers are carried out exclusively through mobile devices.

In customer interactions with the bank, Openbank offers a multi-device omni-channel platform where the mobile application remains the preferred contact method for 70% of customers. Meanwhile, 20% of users bank using both the website and the app.

About OpenBank

Openbank is Grupo Santander’s 100% digital bank with more than 1.7 million customers in Spain, Germany, the Netherlands and Portugal and €11 billion in deposits. The bank offers a wide range of products, from loans and mortgages to a fully automated digital investment platform that customers can use 24 hours a day, seven days a week via the website or app. It has managed to hold on to its position as the most highly recommended Spanish bank among its customers thanks to its simplicity, agility and security. At present, the bank is immersed in its internationalisation plan and is finalising its entry into the Argentinian market.

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