Banking Innovation of the Month: Santander Spain’s SME/wholesale user experience

Digital Reinvention
13/05/2024 Article

Celebrating groundbreaking initiatives in the banking industry, we open this year’s monthly Qorus-Infosys Finacle Banking Innovation Awards with a spotlight on May’s award winner: Santander Spain’s user experience in SME and wholesale banking services.

Santander has prioritized becoming the primary bank for SMEs in Spain, boasting a 25% market share and supporting over 416,000 SMEs, aiming to establish enduring relationships. The bank's innovation strategy aims at achieving best-in-class status in wholesale and SME services, building upon its existing digital capabilities. 

The key pillars of Santander’s innovation are:

• Hyper-personalization: Offerings are tailored in real-time to match the specific needs of both the business and its authorized representatives. This personalized approach spans across all digital channels, enhancing the user experience.

• Simplicity: The bank has implemented a complex retargeting system to streamline onboarding and contracting processes across various channels. Digital specialist teams proactively manage these processes to ensure seamless customer experiences.

• Value-added data: Customers can personalize shortcuts based on their preferences, leveraging a data-driven approach. Real-time offers and cross-selling tools are contextualized to cater to different user journeys, enhancing engagement and satisfaction.

• Human digital support: Santander provides remote support through its contact center and specialist teams, integrating digital solutions with physical branch networks. The bank prioritizes resolving issues through digital channels whenever possible, complementing its human touchpoints.

Over the past months, the bank has launched numerous subsites and digital tools tailored specifically for SMEs, such as multiproduct business subsites, omnichannel signature capabilities, factoring and financing subsites, and digital POS management. These innovations aim to digitize and streamline various aspects of SME banking, including account management, confirming processes, and international transfers.

Santander's approach to digital transformation is distinguished by its integration of physical and digital channels, catering to the diverse needs of its customer base. The bank's commitment to simplifying everyday tasks and prioritizing customer needs over specific channels has garnered positive feedback, reflected in high Net Promoter Scores and customer satisfaction ratings. 

With over 300 dedicated personnel spanning business, technology and operations units, Santander has been able to execute its digital transformation strategy effectively. The bank's focus on continuous improvement and innovation underscores its commitment to providing the best banking experience for SMEs in Spain, both digitally and through traditional channels.

SME and wholesale services hold immense potential for innovation, and we particularly appreciate the various initiatives implemented by Santander to maintain and strengthen its leadership in this segment. We look forward to seeing more such innovations in this year’s awards!

Santander’s innovation will be automatically selected as a top-9 nominee for the Qorus-Infosys Finacle Banking Innovation Awards 2024. Submit your innovations on the Banking Innovation portal until 5 June to be considered for the June Innovation of the Month. Participation is free of charge.

Related news & insights

24/05/2024 News payment card provides access to over 300,000 charging stations in Europe has integrated the Idemia Card Connect technology over the past two years to enhance its payment card services. This...

Digital Reinvention
23/05/2024 News

UK fintech Jaja pioneers AI chat assistant for lending

Jaja Finance has launched 'Airi,' an advanced AI chat assistant to enhance customer support and lending services. Using the Claude...

Digital Reinvention
21/05/2024 Article

Innovation Masters: How top insurers retain customers

In this article, we'll explore recent successful innovative programs for retaining customers by Discovery, Mapfre, Triple-S Vida, AXA, and Nib....

Digital Reinvention
20/05/2024 News

TD Bank launches Gen AI pilots to enhance customer and employee experiences

These initiatives are part of TD's broader AI strategy, leveraging advanced AI capabilities to support both customers and employees.

Digital Reinvention
20/05/2024 News

bunq enters the insurance market with AI innovations

bunq, Europe's second-largest neobank, has launched worldwide travel insurance amidst rapid international growth, reaching 12.5 million users and over €8...

SME Banking
20/05/2024 News

CBA enhances sustainability tool for small businesses with new partnerships

Commonwealth Bank of Australia (CBA) has upgraded its Sustainability Action Tool by partnering with BioPak and EnergyFlex to help small...

Digital Reinvention
20/05/2024 News

Emirates NBD launches fractional bonds on ENBD X mobile app

This innovation makes Emirates NBD one of the first financial institutions in the region to offer fractional bonds to individual...

Digital Reinvention
18/05/2024 News

TD Bank enhances customer experience with AI-driven mortgage and insurance approvals

TD Bank Group (TD) has launched two advanced AI solutions to expedite mortgage pre-approvals and term life insurance application approvals,...