84
-2%
4,660 $m
Financial Services
The past year has been difficult for Banco Santander, as it faced serious complaints from UK customers over poor customer service and increased interest rates on mortgages, forcing the brand to contact more than 270,000 clients at the request of the Financial Conduct Authority. Volatility in two of its main markets, Brazil and Spain, has also impacted the group. In response, Santander took a step forward, reorganizing globally and naming Javier Marin its new CEO. The brand is betting once again on markets such as Colombia, reinforcing its position in Mexico, and launching products like the Santander 123 Credit Card in different regions. The brand is also investing in the integration of Banesto, Banif, and Sovereign Bank, rebranding them to Santander in the coming year. While maintaining internal employee alignment, it’s also renewing its commitment to customers through its “Santander, a bank for your ideas” program. The brand is expanding its digital efforts as well, for example with iZettle, a mobile app that facilitates credit card payments aimed at European small businesses and shops. Santander continues key sponsorships such as Copa Grand Prix and Ferrari F1 team, and working in key countries with important brand ambassadors such as Neymar, Rory McIlroy, and Jenson Button. Santander has unique internal clarity, but must continue to work on rebuilding relationships with customers going forward.