Openbank, part of the Santander Group, is launching in Germany
Openbank, which is Europe’s largest fully digital bank and part of the Santander Group, an IBOS bank member, is launching in Germany with a 100% digital wealth management proposition.
Openbank is developing its position as a responsible bank with cards that, when used, donate money to charities, while also focusing on sustainable investments. It will offer state-of-the-art financial management technology through a fee-free current account and free transfers and debit cards.
Additionally, it is the first bank in the world to provide its users with a password manager to store confidential passcodes and notes in complete privacy and security.
Germany is the first destination in an international expansion that will see Openbank launch in the Netherlands and Portugal later this year, then a range of countries across Europe and the Americas in the medium term.
The bank offers German customers a state-of-the-art platform and mobile app, featuring AI and machine learning technology, cloud-based systems and the highest security standards for usability and optimal customer experience.
It will provide a fee-free current account that allows free transfers to any EU country via the Openbank website or mobile app. This account comes with a free debit card that allows customers to use all mobile payment systems (Apple Pay, Google Pay, Fitbit Pay, Garmin Pay and Openbank Wallet).
All Openbank cards have a charitable purpose and are linked to a charity chosen by the customer through the first ‘charity marketplace’, made up of a group of charities, selected by the bank after going through a suitability assessment. The list includes charities such as Save the Children, Acnur, HePA and Theodora. When customers pay with their card, the amount spent will be rounded up to the nearest euro and the difference donated to charity. For example, if a payment of €10.40 is made, it will be rounded up to €11, donating the remaining €0.60 cents to the charity selected by the customer. Each user can set and modify the minimum and maximum amounts they wish to donate each month at any time.
This relentless customer focus has earned market recognition, with Openbank named Best Bank in Spain in 2019 by Forbes while achieving the best ‘Net Promoter Score’ (NPS) among Spanish banks.
Read the original press release via Santander here.