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Openbank doubles client acquisition during the pandemic to reach 1.5 million customers

Source: Openbank

Openbank, Grupo Santander’s 100% digital bank, has strengthened its position as the largest purely digital bank in Spain, with 1.5 million customers.

In spite of the challenging scenario, Openbank had a remarkable 2020 and, in the last 12 months, it has brought in 285,000 new customers, two times more than it had acquired in 2019. Openbank’s strong performance has allowed it to continue growing in its markets (Spain, Portugal, Germany and the Netherlands).

The larger customer base has matched an increase of more than 15% in average account and deposit balances, which are now at their highest levels in the last five years. Moreover, card spending was 18% higher year-on-year, with a particularly robust 78% surge in mobile payments.

Meanwhile, customers continue to use the roboadvisor service to make their money work for them. In 2020, that platform, unique to Openbank, reported 112% growth in assets under management. Investment funds achieved a net fundraising record (+260% compared to the previous year); pension plans increased fundraising by 55%; and transactions through the broker doubled.

App remains the main way to interact with the bank

In line with recent trends, the mobile app is still customers’ preferred way of engaging with the bank and is the main method of interaction for 64% of users. Monthly connections have risen 30%, with a significant hike in the average time spent on the app. This highlights the importance of offering the best user experience through an omni-channel model.

Over the last year, Openbank has cemented its place as Spain’s most recommended bank by its customers thanks to the ease, speed, security and tailor-made services it offers its users in their day-to-day. It's currently in the throes of its international expansion plan and is putting the finishing touches to its arrival in Argentina.

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