Santander, recognized as the most innovative entity in digital banking for its financial inclusion initiatives
Santander has been recognized as the most innovative bank in financial inclusion initiatives by The Banker, the magazine of the Financial Times group, at its annual Digital Banking Innovation Awards. In a year marked by the COVID-19 pandemic and its economic impact, Santander has led numerous initiatives around the world to help people at risk of financial exclusion, by giving them access to basic financial services, by promoting the entrepreneurship and employment.
The publication highlights in particular the agreement concluded in Spain with Correos, which allows Santander to offer its cash delivery and withdrawal services through the 4,650 Correos service points. With this initiative, the bank succeeded in increasing its offer of basic financial services in 1,500 municipalities and started transferring money to any municipality in Spain through letter carriers. The banker also appreciated the simplicity of requesting the service through online banking and the post offices themselves.
Jos Antonio lvarez, CEO of Banco Santander, said: “Financial empowerment can help lift people out of poverty while promoting economic growth. We are moving forward and we are happy that this has been recognized by “The Banker”, but we also recognize that much remains to be done and we are committed to playing our part. “
Santander’s goal is to help people and businesses move forward. In terms of financial inclusion and empowerment, the bank’s strategy is to meet the specific needs of individuals and SMEs in Europe, Latin America and the United States with difficulties in accessing credit, having limited financial resources or in financial difficulty. With Santander Finanzas Para Todos, Santander facilitates access to financial services, provides funding and helps improve financial literacy through education. The bank’s objective is to provide financial support to 10 million people between 2019 and 2025. Since 2019, it has already done so with six million people around the world.
In 2020, Santander Espaa made a special effort to support families and businesses with low incomes and financial difficulties through moratoria and financing on affordable terms. First bank in guaranteed loan financing, with a market share of 27% and a total amount of 32,800 million euros.
This award also rewards other financial empowerment initiatives and programs developed in other countries where the bank is present, such as Superdigital, the deposit, withdrawal and cash payment platform, available in Brazil, Mexico and the United States. Chili, Tuiio or Prospera, microcredit initiatives aimed at financing the productive activity of people without access to the formal financial system, already present in Mexico, Brazil, Uruguay, Argentina, Colombia and Peru.