Openbank, a subsidiary of Santander, establishes its initial physical branch in the United States
Santander's digital banking platform, Openbank, has made its physical debut in the United States, with its first location opening in the vibrant city of Miami. This hybrid banking strategy combines cutting-edge digital services with strategically reimagined physical branches, reflecting Santander's shift towards becoming a digital-first bank with an optimized branch footprint.
The Miami location, which is just a stone's throw from one of Santander's few U.S. Work Cafes, aims to blend digital convenience with personalized service in its retail spaces. Staffers at the new location will dedicate more time to customer guidance, ensuring a seamless experience for those who prefer a physical presence alongside Openbank's advanced digital tools.
Openbank was launched in Europe in 2017 and in the U.S. in October 2024. Since then, it has attracted over 100,000 U.S. customers and over $4 billion in deposits. The bank's vision for a digital bank with branches is becoming a reality, according to Swati Bhatia, Openbank US CEO and the head of retail banking and transformation at Santander.
Miami, being the No. 6 MSA by population and No. 11 in deposits, presents a rich market for Openbank. The city's strong cultural history, financial strength, and a significant Santander presence made it an attractive choice for the new location.
The new Openbank location is part of Santander's refining of its own branch footprint and retail presence. In contrast, the closure plan in the U.S. follows 95 branch closures in the U.K., attributed to a rapid movement of customers choosing to do their banking digitally, according to the BBC.
This Miami branch demonstrates Santander’s commitment to combining the best of digital efficiency—such as low operational costs and user-friendly interfaces—with the tangible benefits of a physical branch, enhancing customer trust and service options in a competitive U.S. retail banking market. Customers in Miami will be among the first to experience Openbank in-person, marking another opportunity to deliver a truly differentiated offering.
In the coming months, Openbank plans to expand its physical presence across the U.S., further deepening Santander's roots in various cities. As the banking landscape continues to evolve, Openbank's hybrid approach could position Santander as a leading contender in the U.S. banking sector.
Technology plays a significant role in the new Openbank location, as advanced digital tools are integrated with personalized service to enhance customer experience. This hybrid strategy, which combines digital efficiency with the tangible benefits of a physical branch, is a reflection of Santander's shift towards becoming a digital-first bank with an optimized branch footprint.
