Santander’s pioneering digitised core banking with proprietary software makes it world’s most innovative bank, according to The Banker

Santander. new

CdM | The Spanish bank has been named “world’s most innovative bank” by The Banker magazine. The publication has given the highest recognition of its awards for innovation in digital banking thanks to the successful implementation of Gravity, the digital platform developed by the entity and native in the cloud that is being implemented worldwide to help the bank become a fully digital company. The Banker described Gravity as a “huge and very ambitious” project.

Santander is the first major bank in the world to digitise its core banking software, which is the most critical part of a bank’s IT infrastructure and where the main financial transactions such as money transfers, deposits and loans are processed, and has already migrated more than 90% of its IT infrastructure to the cloud. This transformation is enabling easier and faster access to data, greater simplicity, faster launch of new functionalities for customers, in hours instead of days or weeks, and more frequent app updates. It is also helping the bank to significantly improve customer experience, products and services, and generate value with real-time analytics.

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The Corner has a team of on-the-ground reporters in capital cities ranging from New York to Beijing. Their stories are edited by the teams at the Spanish magazine Consejeros (for members of companies’ boards of directors) and at the stock market news site Consenso Del Mercado (market consensus). They have worked in economics and communication for over 25 years.