Bank websites will become more like online marketplaces selling financial products – both their own and those of others. — Tumisu/Pixabay
As Spaniards endured one of Europe’s most stringent pandemic lockdowns, Banco Santander SA’s digital-only Openbank did roaring business. Its brokerage client base expanded 58% in the first four months of the year and trading in shares, ETFs and warrants on its platform more than doubled.
The confinement has made people digital beings "by decree,” says Ezequiel Szafir, Openbank’s chief executive officer. With that trend likely to continue, he sees banks of the future looking increasingly like Amazon.com Inc – online store fronts for financial products in much the same way as the retailer is for consumer goods.
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