Banco Santander – Digital Transformation Strategies
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Banco Santander Digital Transformation Strategies Report Overview
Banco Santander has been focusing on using artificial intelligence, big data, digital banking, and blockchain to digitally transform its operations. The annual ICT spending of Banco Santander was estimated at $4 billion for 2022. A major share of this spending is earmarked for acquiring software, consulting and hardware from vendors. Banco Santander is a provider of retail and commercial banking, wealth management, and related financial solutions. The group offers deposits and savings accounts; loans and financing solutions; insurance; investment products; derivatives and equities; card products such as credit and debit cards; and financial planning services to individuals. It provides business loans; current and savings accounts; leasing and factoring; international banking; commercial insurance; and investment solutions to SMEs and large corporates.
Total ICT Spending 2022 | $4 billion |
ICT Spend by Function | Data center, Communications, Network, Application, End-User computing, Management, and Service desk |
ICT Spend by Channel | Internal development and maintenance, Technology vendors (direct), Local resellers, Telcos, ICT services providers/consulting firms, Specialist outsourcers, and Systems integrators |
External ICT Spend by Segment | Software (including cloud SaaS), Hardware (including cloud Iaas), ICT services, Consulting, Network and communications, and Others |
Technology Theme Focus | Artificial intelligence, big data, digital banking, mobile payments and blockchain |
The Banco Santander Digital Transformation Strategies report will act as a reference point to understand a company/competitor’s digital strategy. It will also help in understanding the digital preparedness of the company against its peers. Information included in these reports are sourced from a mix of our very own internal database and authentic secondary research links such as company’s annual report, presentations, press releases etc. The report covers overview of the company, its digital transformation strategies, technology focus areas, accelerators, incubators, and other innovation programs, technology partnerships, technology introductions, venture arm, investments, acquisitions, and ICT spending among others.
Digital Transformation Strategies
Santander has a network of data centers interconnected by a redundant communications system, spread across strategic markets to support and develop its business processes. Santander has migrated more than 80% of its technology infrastructure to the cloud and expects to complete the rollout by 2023. Its cloud strategy enables it to improve processes, innovate swiftly, and improve service quality. In October 2017, IBM, Santander, and eight other banks partnered to launch we.trade, an open platform for cross-border business transactions. In 2021, Santander combined Santander Consumer Finance’s scale with Openbank’s platform, leveraging its technology and data management capabilities to drive growth by offering new products, services, and operational improvements.
To gain more insights on digital transformation strategies and initiatives of Banco Santander, download a free report sample
Banco Santander Technology Theme Focus
Banco Santander is utilizing a number of emerging technologies including artificial intelligence, big data, digital banking, mobile payments and blockchain among others to enhance its digital banking capabilities.
Banco Santander Technology Focus
To know about other technology themes under focus for the company, download a free report sample
Banco Santander Technology Initiatives
Banco Santander has been involved in several strategic technology partnerships and collaborations, technology developments and roll outs, and technology investments and acquisitions over the last few years. For instance, in 2020, the bank introduced PagoFX, a cross-border remittance mobile app enabling residents in the UK to make fund transfers overseas. The solution allows cross-border payments using debit cards issued by any UK financial institution, providing users with a secure and cost-efficient payment option.
For more insights on other technology initiatives of Banco Santander, download a free report sample
Banco Santander ICT Spend by Function
- Data center
- Communications
- Network
- Applications
- End-user computing
- Management
- ICT Service desk
Banco Santander ICT Spend by Function, 2022 (%)
For more insights on ICT spending by function, download a free report sample
Banco Santander ICT Spend by Channel
- Internal development and maintenance
- Technology vendors (direct)
- Local resellers
- Telcos
- ICT services providers/consulting firms
- Specialist outsourcers
- Systems integrators
Banco Santander ICT Spend by Channel, 2022 (%)
For more insights on ICT spending by channel, download a free report sample
Banco Santander External ICT Spend by Segment
- Software (including Cloud SaaS)
- Hardware (including Cloud Iaas)
- ICT services
- Consulting
- Network and communications
- Others
Banco Santander External ICT Spend by Segment, 2022 (%)
For more insights on external ICT spending by segment, download a free report sample
Scope
This report provides:
- Insight into Banco Santander’s technology activities.
- Insights of its accelerators, incubators, & other innovation programs, and venture arm.
- Overview of technology initiatives covering partnerships, technology introductions, acquisitions, and investments.
- Insights on each technology initiative including technology theme, objective, and benefits.
- Details of estimated ICT budgets.
Reasons to Buy
- Gain insights into Banco Santander’s technology operations.
- Gain insights into its technology strategies and innovation initiatives.
- Gain insights into its technology themes under focus.
- Gain insights into its various partnerships.
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Table of Contents
Frequently asked questions
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What was the total ICT spending of Banco Santander in 2022?
The annual ICT spending of Banco Santander was estimated at $4 billion in 2022.
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Which was the largest ICT spending category by function for Banco Santander?
Data center was the largest ICT spending category by function for Banco Santander in 2022.
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Which was the largest ICT spending category by channel for Banco Santander?
Internal development and maintenance was the largest ICT spending category by channel for Banco Santander in 2022.
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Which was the largest ICT spending category by segment for Banco Santander?
Software (including cloud SaaS) was the largest ICT spending category by segment for Banco Santander in 2022.
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What are the key technology themes in focus for Banco Santander?
The key technological theme in focus for Banco Santander are artificial intelligence, big data, digital banking, mobile payments and blockchain.
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