Santander is the world’s 16th largest bank with a presence in every major financial center in Europe: the UK, Germany, Switzerland, Portugal, and so on. Although it is better known for its European banking operations, Santander has expanded across the Americas and Asia. It operates in 15 countries. Plus, it assists customers in 26 countries in the Americas and across the pond through the IBOS Association.
Santander has over 140 customers globally, including over 13 million in Spain alone. This popularity is only growing, especially since Santander launched its mobile application. It’s no surprise. Besides its reputation for excellence and a wide range of services, Santander also offers its customers innovation. Originating in the mid-1800s, Santander has over 170 years of tradition. Despite this, it appears and feels like a fintech product in 2022. Our Santander review will explore what gives fintech vibes to this bank.
Santander App Review
Santander Bank provides an app in every country where it operates. Additionally, it offers apps for car rentals, maps, navigation, business needs, and investments. We focused our review on Santander’s Spanish app since the bank’s headquarters are in Madrid.
Santander Mobile App (Google Play)
Category: Finance, Banking
Released: Jun 21, 2010
Current version: 8.12.1
Latest update: Mar 21, 2023
Downloads: over 10 million
Rating: 4.8
The latest app update allows users to split bills, confirm national transfers with biometrics, and customize ATM-related operations.
Onboarding
Like in other traditional banks, customers can open a Santander current account at a local branch. Alternatively, users can do this online. In this case, users must register for online banking first. This means that customers must apply for an account on the Santander website. The app can only be accessed once users have registered and received credentials. In a nutshell, it’s a bit more complicated than with most neobanks and many regular banks.
In addition, signing in to the app is different. A menu on the upper right corner of the sign-in screen allows users to recover their passwords, find ATMs nearby, and report card emergencies. In Santander’s app, a user’s tax code or ID number is used as the username. It may seem insecure to some clients. However, there are no reasons to worry. A system of this kind adds to the overall app security.
Services
A range of service packages are available: online account (free), Santander One (€4/month), smart account (free), mini account (free), basic payment (€3/month), and non-resident mundo (€16/month). Each of these accounts is tailored to meet the needs of a specific customer group. For instance, a mini account is a non-interest-bearing account for minors. Intelligent accounts are designed for young adults (18–31 years old). Non-resident mundo covers the needs of non-residents doing business, temporary living, or owning property in Spain.
Regardless of the type of account – free or fee-based – the Santander app typically offers the following services:
- Current accounts with access to savings, overdrafts, and loans
- Free cash withdrawal at Santander cash machines
- Contactless withdrawals
- Apple Pay and Google Pay
- Free e-payments in euros (non-urgent: SEPA)
- Real-time transactions through the Bizum service
- Scheduled payments
- “Buy now, pay later” service
- Account statistics
- Money management tools
- Paper-free e-documents (in-app storage of user’s banking statements, notifications, and so on)
- Mastercard card controls (freeze/unfreeze, specific payment blocks, etc.)
- Cashback and reward programs
Santander offers additional features for company accounts to run a business more efficiently. There are accounting tools and a crypto calculator that allows users to sign documents and approve operations with a single tap.
Design & Usability
Overall, there are just a few significant complaints about the Santander app. Its simple icons, clean background, and intuitive navigation make it look and feel pleasant. The buttons are easy to recognize and tap. There is no ambiguity in the statistics graphs. Through the Personalization section, users can customize the app to their liking. Additionally, the app includes an interactive map to help customers locate ATMs and bank branches nearby.
However, the app needs some polishing. The English language version of the app, for instance, is minimal and slips into Spanish in crucial sections. Also, the app redirects users to the website to register for an account, confusing the onboarding process. Further, many customers complain that the registration process often involves human interaction via support chat or an in-person appointment.
Reliability and Security
Santander guarantees the security of customer data and money. Santander adheres to all banking safeguard regulations, including deposit protection, multi-factor authentication, one-time passwords, and automatic anti-fraud systems. Moreover, Santander’s app gives users extensive control over their accounts; they can reset their PINs, lock and freeze their cards, and report card theft instantly.
Several advanced technologies are implemented to ensure the reliability and security of the Santander app. It doesn’t seem prone to sudden crashes, downtimes, glitches, or other problems. However, some users have reported frozen screens or long response times recently. It’s not pleasant, yet it is understandable since Santander is transforming into a “digital native” company. It can lead to some turmoil in software work since much work and various changes are involved in this process.
Support
Santander’s app allows users to chat or video call with a personal Digital Manager. Plus, it’s possible to contact the bank via its official social media pages, e-mail, and phone. There are not many complaints about response times. Yet, Santander’s customer support is often characterized as unsatisfactory. Resolving a customer’s problem may take hours and countless calls.
Our Verdict
4.4 stars out of 5. Santander successfully combines features of a reputable bank and advanced fintech. It offers a full range of banking services (current accounts, loans, mortgages, deposits, etc.) and most innovations (contactless payments and withdrawals, budgeting tools, etc.). Though, there is still room for improvement. For instance, customer support could be more efficient.
What we like about Santander:
- No-fee or moderate-fee current accounts
- Free withdrawals
- Free transactions in euro
- Contactless payments and ATM withdrawals
- Deposit protection
- Instant money transfers (Bizum)
- Advanced money management tools
- Automated bill payments
- Spending tracking and analytics
- Reward programs
- High level of data security protection
What we dislike about Santander:
- Confusing onboarding process
- Complicated app navigation
- The app’s English version needs improvement
- Inefficient customer support
What makes Santander different?
Santander is a big traditional bank with an excellent Fitch rating: A- (high credit quality). The company offers a comprehensive range of financial services and strives to improve its digital products to make life easier for its customers. Besides supporting green initiatives, Santander Bank is dedicated to preserving the environment. In 2050, Santander aims to achieve a net-zero carbon footprint across the group. The Dow Jones Sustainability Index (DJSI) named the bank the world’s most sustainable bank in 2019.
Value for customers:
Santander offers its customer benefits, including secure online and mobile banking, no fees on current accounts, and loans and mortgages. Santander blends tradition and innovation perfectly. Customers can manage all their cards and accounts online and receive personal assistance in a branch whenever needed. Also, there are reward and discount programs and good deposit rates and cashback.
Value for partnering businesses:
In our research for this Santander review, we discovered that the Santander group is open to new initiatives and partnerships worldwide. Cooperation with this company can benefit a wide range of organizations: nonprofits, affiliate marketers, tech startups, and well-established fintechs. An application form is available for everyone on the bank’s website.
