Grupo Santander subsidiary Open Bank has been launched as a full-service digital bank in Spain, with an entirely redesigned mobile app and website.

The new Openbank platform has been developed by using some of the most advanced technologies.  Openbank will use a cloud-based IT infrastructure.

It will make extensive use of artificial intelligence and machine learning, which will the bank increase security and fraud protection.

Besides, the technologies will improve the speed and quality of credit decisions, such as mortgage approval.

Banco Santander executive chairman Ana Botin said: “We want to offer personalized financial services, accessible from anywhere, at anytime. For people who prefer an exclusively digital service that is simple, agile and available via smartphone, with the guarantee of the Santander Group, Openbank is the answer.”

As part of a complete overhaul of Openbank’s mobile banking app and website, the new features include completely digital customer onboarding process with videoconference identification; access to a 24/7 virtual branch; and blocking or unblocking of cards from a smartphone.

Openbank CEO Ezequiel Szafir said: “Openbank offers one of the best digital banking platforms in the world. We have built the bank from scratch using some of the most advanced technologies available, allowing us to provide customized products and services for customers who want a digital only banking proposition.”