Digital and personalized advice and services synthesized for enhanced financial accessibility in society, as asserted by Ana Botín in Fortune.
In the ever-evolving landscape of global finance, Santander stands out as a pioneer in promoting financial inclusion. The Spanish banking giant has launched an innovative branch concept, Work Cáfé, and is making strides in facilitating access to the financial system for all through its digital platform, Superdigital.
Santander's strategy is twofold. On one hand, they are focusing on offering the best digital payment service to increase transactionality and customer loyalty, through PagoNxt. On the other hand, they are implementing a strategy to empower 10 million people by 2025, a goal that reflects their commitment to financial inclusion.
Over the past decade, the world has witnessed significant advancements in financial inclusion, driven largely by the rapid growth of fintech companies. These companies have targeted underserved populations, including micro, small, and medium enterprises (MSMEs), low-income populations, and women, who now represent a substantial share of fintech customers and revenues. In 2023, MSMEs accounted for 57% of fintech customers, low-income groups 47%, and women 41%, with corresponding revenue contributions rising markedly for these segments.
Santander's efforts are not limited to their digital initiatives. In 2020, they approved 4,500 microcredits a day in South America, helping a total of 2.9 million people. Programmes such as "Prospera" in Brazil, which offers microcredits for small entrepreneurs, and the "Tuiio" program in Mexico, designed to empower people financially and generate a measurable social impact, are testament to their commitment.
However, the specific figures for the number of people Santander aims to empower by 2025 are not provided. What is clear is that their approach emphasises the need to offer fair, affordable financial products and services to boost financial empowerment within society.
Santander's dedication to financial inclusion extends beyond its own initiatives. In 2020, Ana Botín, the Group executive chairman, participated in a digital encounter on financial inclusion organised by Fortune magazine, alongside Michael Miebach. The 2024 Annual Report provides everything needed to know about Santander's progress in this area, available online.
As the financial services industry continues to undergo digital transformation, with mobile apps and robo-advisors supporting financial inclusion, Santander is at the forefront of this change. Through their innovative approach and commitment to financial inclusion, they are helping to integrate previously underserved populations into the formal financial system, one step at a time.
Santander's strategic focus includes empowering 10 million people by 2025, encompassing financial education and personal-finance, as part of their commitment to financial inclusion. This involves expanding digital payment services, such as PagoNxt, and facilitating access through initiatives like Work Café and Superdigital, while also providing microcredits to small businesses and entrepreneurs in South America via programs like Prospera and Tuiio.
