Banco Santander's re-invigorated online bank, Openbank, is launching a suite of new goal-based micro-investing robo-advisory services, account aggregation features and a password management system that can be used to store and secure security codes for multiple Web log-ins.
Launched in 1995 as a telephone-based banking offshoot, Santander last year overhauled the operations of the direct banking unit, transferring all IT assets and client transactions to the cloud and revamping its online and mobile presence as part of a group-wide mission to recruit 30 million digital customers by 2018.
Currently serving one million customers in Spain, Openbank is upping the ante in its bid to create a new bank fit for the modern age. Chief among the latest batch of upgrades is a micro-investing tool that allows customers to save from 1 euro per day, week or month, directing investments across more than 2,000 funds and ETFs from more than 50 fund managers and 35 pension plans from five managers. Users can create goal-based investment portfolios to meet personal savings objects and choose from a range of risk-based strategies through a robo-advisory element built by Scalable Capital.
Openbank is also easing the password management process faced by customers subscribing to multiple online services with the creation of a space on the Openbank platform where they can securely store and retrieve security codes for different log-ins when needed.
Other security measures include card-activation and de-activation options defined by particular channels or regions, and the ability to view and switch off account log-ins across multiple devices.
Rounding off the upgrade is an online dashboard containing a list of more than 70 banks from which customers can view and manipulate aggregated data from other providers.