Latest Banking
- The Future Of UK Fraud-Challenging High-Volume, Automated Crime-Z/Yen
- G-20 emerging markets : Rapid inflation-driven rate hikes will be double-edged sword for banks--Moody's
- New UK research reveals how much every industry has been affected after the COVID-19 pandemic
- Housing affordability now at its most stretched–as property price inflation outstrips earnings-Halifax
- TransUnion helps millions check credit health with Lloyds Bank
- Asset-tracking spend to reach $45bn globally by 2027, as supply chains seek continuous asset connectivity
- Driven by two complementary, powerful forces-innovation and regulation-open banking is proving to be a seismic shift for payments across Europe expired
- Currenxie joins Amazon's Payment Service Provider (PSP) Program expired
- UK Digital Bank, Kroo, announces receipt of full UK Banking Licence expired
- Loan rates rise to six year high, but 0% cards improve-Moneyfacts expired
- FCA tackling scams faster as part of data strategy expired
- FCA fines Ghana International Bank plc £5.8m for failings in its anti-money laundering controls 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)
