Banco Santander has used customized, in-house developed software to digitize its core banking platform, and in the process, it has migrated 80% of its IT infrastructure to the cloud.
The Spanish lender stated that it was one of the first major banks globally to digitize its core banking; using the Gravity bespoke software and tapping into a team of up to 16,500 software developers and engineers.
This shift will enable faster and easier access to data, ensuring that there is more simplicity and faster time-to-market. Eventually, it will make it possible to deliver new capabilities within hours, instead of days, helping in more frequent app updates, according to Santander.
The cloud shift will also enable the bank to push value using real-time analytics and offer better products and services; all while lowering the cost of running the core banking platform and minimizing energy consumption.
Buy Bitcoin NowChief operating and technology officer, Santander, Dirk Marzluf, said:
“Gravity will help transform Santander into a ‘digital-native’ company, with the agility and capabilities to offer the best customer experience; while continuing to provide the solid security for data and assets we’ve always delivered our customers.
“The initiative is an important next step in the bank’s transition to a common tech stack that is utilized across the group’s footprint for the benefit of both customers and shareholders. We are now closer to Santander’s aim of becoming the best open financial services platform.”
