Openbank, a fully digital bank under Grupo Santander, has officially commenced operations in Mexico. The launch includes a new website and app, offering customers savings accounts with up to 12.5% annual returns. This move is part of Openbank's strategy to introduce competitive financial products without minimum balance requirements or hidden fees.
The bank's debut product, the Open Debit Account, provides savers with an attractive return rate alongside debit and credit card options. Customers can also make free cash withdrawals at over 10,000 Santander ATMs across Mexico.
In the coming weeks, individuals who joined the waiting list will receive instructions on how to become Openbank customers through its app within minutes. "Becoming a customer will take just a few minutes," states Matías Núñez, CEO of Openbank Mexico.
Petri Nikkila, Global CEO of Openbank, noted that their digital-first experience has been successfully implemented in Spain, Germany, Portugal, and the Netherlands. He highlighted that it is Europe's largest digital bank by deposit volume and has doubled its customer base over five years. The bank was recently recognized as the most recommended in its primary market based on Net Promoter Score metrics.
Openbank aims to enhance security for all customers in Mexico by providing features that control card use based on location or transaction type. Additionally, new products and services are expected to be introduced shortly after the waiting list period concludes.
Customer deposits at Openbank Mexico are insured by the Institute for the Protection of Bank Savings (IPAB). The bank has received high local scale ratings from Moody’s and Fitch for its robust long-term outlook.