Openbank accelerates customer acquisition during the pandemic and exceeds 1.5 million users

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Santander Group's digital bank, Openbank, has accelerated customer acquisition during the COVID-19 pandemic, leading it to surpass 1.5 million users in 2020. The bank added 285,000 new customers in 2020, doubling its new customer numbers from a year earlier.

The digitization of users' habits has given a boost to the attraction of mobile banking customers in a context where the use of digital channels for financial management is increasing.

In a statement, the bank also points out that it is experiencing a "good" performance in all the markets where it currently operates. In this way, it points out that it is growing in Spain, Portugal, Germany, and the Netherlands.

The increase in Openbank's customer acquisition comes at a time when Santander has changed the conditions of its accounts, grouping them under the name Santander One. In this move, the bank is asking for greater loyalty from customers who, if they do not comply, may have to pay up to 20 euros per month, i.e. up to 240 euros per year for account maintenance and the use of debit cards.

Openbank continues with its strategy of offering payroll and savings accounts without commissions.

Increase in average balance and use of roboadvisor

The increase in the customer base, Openbank points out, has led to an upturn in the average balance of accounts and deposits, which grew by more than 15% over the last year, reaching the highest level in the last five years.

At the same time, invoicing through card payments rose by 18% over the previous year, with a particularly significant increase in mobile payments, which rose by almost 78%.

This graph shows how large banks' commissions have fallen due to COVID: the pandemic has hit the banks' revenues and now the question is what they can do to recover.

Openbank's automated investment service, roboadvisor, recorded a 112% growth in assets under management. In 2020, mutual funds achieved a record year in net inflows, with a 260% year-on-year increase.

Pension plans also increased their fundraising by 55%, and brokerage transactions doubled.

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