Santander is working towards its goal of modernisation in order to better serve its customers by developing a public digital cash system through Ethereum Blockchain technology.
In recent years Santander, one of the world’s leading international banks, has been increasingly focused on enhancing its customer service experience through user-friendly technology. Recently, the bank launched a new mobile app, which offers customers a more efficient, on-the-go service.
Santander is now taking the plunge into fintech, with the aim of bringing fintech and banking together by using Ethereum Blockchain to develop a public digital cash system. This innovative step for Santander will make it the first bank to use an existing public Blockchain for issuing digital currency.
Sigga Sigurdardotiir, Head of Santander’s Customer and Innovation, commented:
“At Santander we work hard to ensure our banking is simple, personal, and fair. We believe the new Blockchain technology will play a transformational role in the way we achieve our goals and better serve our customers, adding value by creating more choice and convenience.”
The market trends show more banks are also looking to adopt Blockchain technology from a global and long-term standpoint. By Santander taking the first step, the bank has set itself apart as a leader in innovation and technology.
Bank of Tokyo-Mitsubishi UFJ, another IBOS member, is also in the process of exploring what can be achieved when combining banking systems with Blockchain, to improve efficiency and remain competitive within the global market. Read about this project in last month’s update here.
This trend of implementing Blockchain into wider banking systems is beginning to appear worldwide across international banks, for example it was recently reported that Bank of America Merrill Lynch will be teaming with Microsoft, with the aim of utilising Blockchain technology to speed up trade payments and financial transactions.
“Businesses across the globe — including Microsoft — are undergoing digital transformation to grow, compete and be more agile, and we see significant potential for blockchain to drive this transformation” said Amy Hood, Microsoft’s chief financial officer, as reported in the FT.
In banking and transactions this global trend works with the customer in mind. Issuing digital currency will deliver a convenient service, allowing quick transactions at the touch of a fingertip.
Read the full report on Santander becoming the first bank to use Blockchain for public digital currency here.