Legacy banks launch speed boats as digital banking goes global
The pandemic has seen an unprecedented move to online banking, with banks likely to ‘sell’ online products in the future, much as Amazon does
Madrid — As Spaniards endured one of Europe’s most stringent pandemic lockdowns, Banco Santander’s digital-only Openbank did roaring business. Its brokerage client base expanded 58% in the first four months of the year and trading in shares, exchange-traded funds (ETF) and warrants on its platform more than doubled.
The confinement has made people digital beings “by decree”, says Ezequiel Szafir, Openbank’s CEO. With that trend likely to continue, he sees banks of the future looking increasingly like Amazon.com — online store fronts for financial products in much the same way as the retailer is for consumer goods...
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