Banco Santander is digitalizing its Core banking with Cloud tech in order to improve service and efficiency.
The core banking platform is reportedly the most vital part of a bank’s IT infrastructure and is “where the main financial transactions, such as money transfers, deposits or loans, are processed.”
Santander is one of the first major banks in the world “to digitalize its core banking and has already made significant progress, with 80% of its IT infrastructure already on the Cloud.”
Santander is using Gravity, a bespoke innovative software, developed in-house, “to enable the transition of the core banking to the Cloud.”
This software plays “an essential role in modernizing the core banking platform.”
The transformation will “allow easier and faster access to data, more simplicity and faster time-to-market, making it possible to deliver new capabilities in hours, instead of days, and more frequent app updates, while helping the bank drive value using real-time analytics and provide better products and services.”
This change will also “reduce the cost of running the core banking platform.”
The group expects “to complete this transition in all its core markets and businesses within two to three years.”
Gravity will “help transform Santander into a ‘digital-native’ company, with the agility and capabilities to offer the best customer experience, while continuing to provide the solid security for data and assets we’ve always delivered our customers.”
The initiative is “an important next step in the bank’s transition to a common tech stack that is utilised across the group’s footprint for the benefit of both customers and shareholders.”
Dirk Marzluf, chief operating and technology officer at Banco Santander, further noted that they “are now closer to Santander’s aim of becoming the best open financial services platform.”
Santander’s successful cloud platform “is built upon world-class capabilities – both in-house and through third-party providers.”
This gives Santander’s 16,500 software developers and engineers “a modern, high-performing environment to create customer-centric applications and increases the bank’s ability to attract top talent.”
Santander’s cloud program also “reduces the bank’s energy consumption for the IT infrastructure by 70%, contributing to Santander’s responsible banking targets.”