Euromoney has recognized Santander as the world’s best bank for financial inclusion in its “Global Awards for Excellence 2021”, highlighting the group’s efforts to make financial services more accessible.
The magazine has distinguished the company’s efforts to financially empower individuals and entrepreneurs through a range of programs in Latin America, Europe and the US, as well as the work Santander has done more broadly to help people, especially the elderly, adopting digital channels through the pandemic.
“In the last three years we have financially empowered 6 million people, with the goal to empower 10 million by 2025. The impact can be life changing: from supporting entrepreneurs in setting up new businesses through our micro finance programs, to helping individuals who want to build confidence in using digital banking. This is critical to creating inclusive, sustainable growth, and I am delighted that Euromoney has recognized the efforts and innovations of our teams across the world”, said Ana Botín, Santander Group executive chairman.
Different initiatives
In a press release, the bank has informed that its initiative Santander Finance for All seeks to support financial inclusion to help people get access to the financial system, offer them finance to set up and grow micro-businesses, and enhance their resilience through financial education. The strategy “targets the unbanked and underserved”; individuals and SMEs who face difficulties obtaining credit; have limited financial understanding; or are in financial distress.
One of those initiatives is Superdigital, Santander’s flagship 100% digital platform for making payments in Brazil, Mexico, and Chile. It leverages the rapid growth in smartphone adoption and improved network coverage in Latin America to increase financial inclusion in the region. The platform is expanding its services to reach five million active customers by 2023 across seven markets in Latin America.
Besides, Santander has specific microfinance programs to provide financing for micro entrepreneurs. Although named differently (Tuiio in México, Prospera in Brazil, Uruguay and Colombia, and Surgir in Perú), all have same goal: to support microentrepreneurs set up and grow microbusinesses with credit and other products such as microinsurance Thanks to these initiatives, Santander has supported 1.2 million micro-entrepreneurs in Latin America, out of which 70% were women.
The magazine has also recognized that, during the pandemic, the bank has been especially vigilant in supporting elderly or vulnerable customers and ensuring they can access financial services, contacting them proactively to help build confidence in using digital banking services. It also produced simple step-by-step videos and guides for online and mobile banking.
In August, Santander was also recognised as the most innovative bank for its financial inclusion initiatives by The Banker, a Financial Times magazine.
Financial Innovation of the Year
Santander has also won the Financial Innovation of the Year award for its role as joint lead manager advising European Investment Bank in the first-ever digital bond on a public blockchain multi-leader led. It was a 100 million euros and 2-year maturity bond, placed with key market institutional investors.
The transaction used Ethereum, a public blockchain protocol, and it was a milestone for Santander’s CIB Digital Solutions Group (DSG). Santander CIB created the unit at the beginning of 2021 to partner with global coverage and product teams to provide comprehensive support in the digital acceleration of customer’s business. It also produces added-value digital products and financing structures to help Santander’s clients in the digital acceleration of their business.
Euromoney magazine has been a leading publication in international finance for 50 years. Its Awards for Excellence were established in 1992 and are the global benchmark for the banking industry.
Por Alba Menéndez
Por Funds Society, Madrid