Latest Banking
- Over a quarter of UK businesses are being hit by more late payments due to the rising cost of living-Barclays
- UK insolvencies to increase by more than a third in 2022-Allianz Trade
- FCA strengthens consumer protection by speeding up removal of firms that do not use their regulatory permission
- UK Finance’s Take Five to Stop Fraud campaign promoted in Tesco stores
- PwC partner with due diligence startup Neotas to combat financial crime
- TransUnion enables free credit education via the new Lowell app
- Carrier billing spend for digital goods to exceed $74bn in 2026-dominated by digital games spend expired
- Q1 2022 has seen 20m first-time crypto apps installed in Europe-BanklessTimes.com expired
- As inflation hits the highest rate in 40 years, how can businesses prepare for the current economic climate? expired
- Ensuring secure and reliable ways to pay for virtual goods will be paramount to making the metaverse a truly immersive experience-ConnectPay expired
- SecurityHQ partners with SentinelOne to enhance global cyber security offerings expired
- A year passes with no inflation-beating savings deals-Moneyfacts expired
13th May 2022
Santander digitises its core banking with cloud technology to improve service and efficiency
Trend
Banco Santander is digitising its core banking with cloud technology to improve service and efficiency. The core banking platform is the most critical part of a bank’s IT infrastructure and is where the main financial transactions, such as money transfers, deposits or loans, are processed. Santander is one of the first major banks in the world to digitise its core banking and has already made significant progress, with 80% of its IT infrastructure already on the cloud.
Santander is using Gravity, a bespoke innovative software, developed in-house, to enable the transition of the core banking to the cloud. This software plays an essential role in modernizing the core banking platform.
The transformation will allow easier and faster access to data, more simplicity and faster time-to-market, making it possible to deliver new capabilities in hours, instead of days, and more frequent app updates, while helping the bank drive value using real-time analytics and provide better products and services. This change will also reduce the cost of running the core banking platform.
The group expects to complete this transition in all its core markets and businesses within two to three years.
Gravity will help transform Santander into a ‘digital-native’ company, with the agility and capabilities to offer the best customer experience, while continuing to provide the solid security for data and assets we’ve always delivered our customers. The initiative is an important next step in the bank's transition to a common tech stack that is utilised across the group's footprint for the benefit of both customers and shareholders. The bank are now closer to Santander’s aim of becoming the best open financial services platform.
Dirk Marzluf, Chief Operating and Technology Officer at Banco Santande, comments "Santander’s successful cloud platform is built upon world-class capabilities-both in-house and through third-party providers. This gives Santander’s 16,500 software developers and engineers a modern, high-performing environment to create customer-centric applications and increases the bank’s ability to attract top talent. Santander’s cloud programme also reduces the bank’s energy consumption for the IT infrastructure by 70%, contributing to Santander’s responsible banking targets."
Santander Trends(763 articles)
