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Home > Resources > Santander Spain Case Study

Santander mobile phone Personetics

Santander Spain Case Study

How to Humanize the Banking Experience with AI and Self-Driving Finance

Download the Case Study

Santander Spain Case Study

How to Humanize the Banking Experience with AI and Self-Driving Finance

Download the Case Study

Fill out the form here to download the Sase Study

Santander Spain achieved

5M

Digital Users

90M

Insights Generated Annually

40%

Increase in Digital Engagement

20%

Increase in in-app Customer Satisfaction

Executive Summary

Santander personal banking Personetics

Executive Summary

Santander Spain, the largest bank in Spain and the 4th largest European bank, has partnered with Personetics to implement Personetics’ Self-Driving Finance solutions within the bank’s mobile app, with AI-based personalized customer engagement based on customers’ financial data.

By working with Personetics, Santander was able to help customers fully understand their personal finances, see the implications of their day-to-day financial decisions, and take appropriate action to improve their financial wellness.

As a result of implementing Self-Driving Finance with Personetics, Santander achieved a 40% increase in digital engagement and expects to increase overall app customer satisfaction by 20% within one year. For its excellent work and forward-thinking innovation, Santander Spain was honored with the 2021 Efma-Accenture Banking Innovation Awards Gold Award for Analytics & Artificial Intelligence.

Santander Spain and Personetics in Numbers

5M

DIGITAL USERS

90M

INSIGHTS GENERATED ANNUALLY

40%

INCREASE IN DIGITAL ENGAGEMENT

20%

INCREASE IN IN-APP CUSTOMER SATISFACTION

€1.596T

BANK ASSETS

13.6M

BANK CUSTOMERS

4.7 out of 5

AVERAGE INSIGHT RATING

1

EFMA-ACCENTURE BANKING INNOVATION AWARD (2021)

The Challenge: Offer Personalized Actionable Insights to Customers

Until now, banks have been struggling to offer personalized insights to their customers via digital channels, and customers have struggled to find useful information that is actionable. Customers get overwhelmed with too many details, too much data, and too many dashboards within the banking app or website.

How can financial institutions really support their customers with useful, actionable insights that give customers a clear view of their personal finances – and help improve their financial wellness?

Financial institutions have been hearing a lot of hype in recent years about Artificial Intelligence (AI) and what it can do for the banking experience. Santander Spain decided to make this vision a reality.

Santander mobile phone Personetics

The Strategy: Self-Driving Finance

Santander Spain decided to create highly personalized customer engagement to accomplish a few key strategic goals:

  • Focus on the customer as a person, not on banking products.
  • Show customers their personal finances and financial behavior patterns so they can anticipate financial events, evaluate possible situations, and solve issues before they happen.
  • Help customers take control of their finances and reach their potential.
  • Become a trusted advisor to the customer.

By partnering with Personetics to create a Self-Driving Finance solution for Santander, the bank is able to focus on the human element of banking: offering personalized advice, creating trust, and strengthening the personal relationship between customers and their bank.

Santander mobile phone App Personetics

The solution: Harnessing Customer Transaction Data with Predictive Analytics to Empower Customers

Santander Spain worked with Personetics to analyze the bank’s customer transaction data and create predictive patterns with AI and machine learning. By using the bank’s deep and historical data (including past records of customer transactions, and current snapshots of each customer’s products and account balances), Santander and Personetics could create predictive cash flow analysis.

The bank can then use this predictive analysis to create personalized insights for each customer via digital channels, based on what is happening in the customer’s financial life. The bank is also using Personetics’ existing catalog of over 300 out-ofthe-box tested and verified personalized engagement insights and advice.

“In hypercompetitive times with neobanks and Big Tech fighting to win the customer's trust, we believe we need to go back to retail banking basics: reinforcing trust between our customers and the bank.”

Humberto Domínquez Rivas

Humberto Domínquez Rivas

Director of Retail Banking Innovation

Santander Spain

The Santander Self-Driving Finance solution:

01

Highlights the future negative balance

02

Automatically creates an insight about the low balance issue

03

Alerts the customer with a push notification and a note in the customer’s timeline in the banking app

Personalized Insights and Advice

Other examples of Santander Spain’s new capabilities with Self-Driving Finance include:

  • Personal Finance Planner: this feature of the Santander app helps customers watch out for unexpected expenses by showing future activity in the coming days and weeks.
  • Personalized Recommendations: customers can see a clearer view of their spending with Personalized Recommendations. This feature shows customers where they shop, when their expenses have been higher than usual, and other aspects of their spending behavior.
  • My Subscriptions: this feature shows customers how much they are spending on subscriptions and recurring monthly payments made with their cards. When customers have possible duplicate subscriptions or are paying for multiple services, such as multiple streaming services.
Santander Personalized Insights and Advice Personetics

With Self-Driving Finance, Santander Spain can automatically support its customers with personalized advice, insights, and recommendations to support their financial wellness. By watching out for customers, by understanding the customer’s cash flow on a deeper level, Santander Spain can take a more proactive role in helping customers with money management and becoming a trusted advisor at the center of their customers’ financial lives.

And it all starts with the bank’s biggest asset: customer transaction data.

“We have more than 200 use cases out of the box, including activity summaries, analyzing cash flows, promoting new products, analysis of subscriptions, and more. This is integrated with all channels of communication with the customer.”

Humberto Domínquez Rivas

Humberto Domínquez Rivas

Director of Retail Banking Innovation

Santander Spain

Ready to See What Self-Driving Finance can do for your Institution?

Our financial data-driven engagement platform helps you harness customer transaction data to transform your customer relationships and unlock value for your business.

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