Santander group’s digital banking subsidiary Openbank is set to commence its operations in Germany.
The lender is expected to launch its products and services in its first international destination by the end of this year.
Go deeper with GlobalData
Openbank Germany: Features
In Germany, Openbank will offer customers a fee-free current account and a debit card. Using the current account, customers can send free fund transfers across EU countries through Openbank website or mobile app.
Customers can use the debit card with all mobile payment systems including Apple Pay, Google Pay and Openbank Wallet. The cards can also be linked with a charity marketplace to enable donations to charities with every transaction.
Customers can manage the usage of their cards from the Openbank website and app. This feature allows them to turn on or off their cards as well as block their usage in certain channels and countries.
Openbank CEO Ezequiel Szafir said: “We believe that our responsible banking strategy, which is committed to the future of our planet and the well-being of our society, is the only way to understand the bank of the future.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalData“Because we want to anticipate what’s coming, we are launching this new approach in Germany, with investment products and payment methods that will be gradually rolled out in the different regions where we operate in.”
The digital lender will also provide its German customers with investment management and advisory services.
Other offerings include free password and data management within the app, and expense categoriser to simply financial management.
Openbank has more than 1.2 million clients with around $10bn customer resources under management.
Its product portfolio includes retail banking services as well as a digital investment and brokerage platform with robo-advisor. Last year, the bank selected AxiomSL strategic platform to support regulatory reporting.
Later this year, the bank aims to launch its services in the Netherlands and Portugal.
