Ana Botín, president of the Spanish bank Santander, has achieved an important milestone in the financial world with the launch of Openbank in Mexico on November 19, after receiving approval from the CNBV and the IPAB, backed by agencies such as Moody's and Fitch. This banking entity already had a wide presence in several European countries, and its entry into Mexico marks a significant step in the expansion of its digital model in Latin America.
Openbank stands out among its competitors for having a banking license that guarantees the security of transactions and allows users to accept deposits without monthly limits, unlike Sofipos which have restrictions. Operating under a "digital first" model, this fully virtual bank offers services 24 hours a day, 7 days a week, with no hidden fees, minimum balances or unexpected charges.
Matías Núñez oversees the operation of Openbank in Mexico, where first customers can access the 'Open' debit account with an annual yield of 12.5% to encourage savings, as well as credit cards, SPEI transfers and commission-free withdrawals at more than 10,000 Santander ATMs in the country.
The entry into Mexico faces Openbank with established banks such as BBVA, Citibanamex, and Banorte, which have a solid infrastructure and presence in the financial market. However, previous experience in digital operations in Europe could be key to attracting a young and tech-savvy audience, thanks to offerings such as fee-free accounts and maintenance-free cards.
Backed by the Spanish giant Santander, Openbank joins the Mexican financial landscape by directly competing with other digital and traditional entities. In a market where accessibility, agility, and certainty in operations are valued, the digital service proposal like Openbank can be crucial to fostering financial inclusion and contributing to the country's economic development.
In an environment where conventional institutions are forced to innovate rapidly and cut costs to compete with startups that offer significant advantages in operational costs and more agile services, the emergence of digital institutions marks a path towards more effective financial inclusion in Mexico.
