BY UE STUDIO
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Times change and we are obliged to evolve with them. That digital transformation has broken into our lives and accelerated change, and that we live in a hyperconnected world in which we have to combine our day to day with technology, are unquestionable realities. However, despite the progress made in such a short time, in that digital race there is still a long way to go in technologies such as Cloud Computing, known as 'the cloud'. This technology is serving, among many other things, for banks to transform their core or banking core: the most critical part of the IT infrastructure, where the main financial operations, such as money transfers, deposits or loans are processed. Some entities such as Banco Santander are already at the forefront in this field. In this specific case, thanks to Gravity, a custom software and platform that the bank has developed internally to be able to migrate its banking core to the cloud. Pure innovation.
With this decisive step, Banco Santander has become the first major bank in the world to digitize its banking core with its own software. Today, it has already migrated more than 90% of its technological infrastructure to the cloud. This transformation is enabling easier and faster access to data, greater simplicity; faster release of new functionality to customers, in hours instead of days or weeks; and more frequent mobile app updates. It also helps the bank significantly improve the customer experience, products and services, and generate value with real-time analytics. This change will also bring significant efficiencies thanks to innovative end-to-end automation processes and other savings.
The best open financial services platform
Banco Santander is now closer than ever to achieving the vision of becoming the best open financial services platform, a "digital native" company with the agility and ability to provide the best customer experience, while still providing the data and asset security it has always offered its customers.
The digitalization process of the bank's core banking began in 2022 and will be completed between the end of 2024 and the first half of 2025. The transition has already been tested in several businesses in the United Kingdom and Chile without interrupting services at any time, and is advanced in Brazil. When Gravity is fully implemented, more than 1 billion technical operations per year will be managed by this platform in Banco Santander's systems.
The bank's core banking platform, native to the bank's cloud, is developed with the best capabilities thanks to the transmission of knowledge from a team of technology professionals, some of whom created the previous system 20 years ago. Now, together with young developers and engineers, they are moving it to the cloud. This gives Banco Santander's 16,500 software developers and engineers a high-performance environment to build customer-focused applications while increasing the ability to attract the best talent. The bank has reduced the bank's energy consumption for technology infrastructure by 70%, contributing to its responsible banking goals.
The most innovative bank in the world
Banco Santander works daily to offer its customers the best services. That is why he opted for Gravity to digitize the banking core without the user perceiving this transformation. A perfect example of the bank's commitment to innovation that has led it to be recognized by The Banker magazine with the "most innovative bank in the world" award, the highest recognition of its awards for innovation in digital banking. The publication has described the digital platform developed by the entity and native in the cloud as a project of "enormous scope and very ambitious".
Made by ue studio
This text has been developed by ue studio, creative branded content and content marketing firm of unidad editorial, paraSANTANDER