As millennials mature into management roles in investment banking and other traditional industries, we take a closer look at the characteristics that define their generation. Much has been said about them over the last few years – some good and some bad - but only one thing is certain: coming of age in a world undergoing profound economic disruption is no easy task.

These individuals – born between 1981 and 1996 – have a completely different set of behaviors and expectations in life than their parents. As one of the largest generations in history about to move into its prime spending years, millennials are in a position to redefine the economy and set the pace for how the banking industry will evolve.

If there’s anything we’ve learned from how millennials interact with the ‘retail’ experience is that personalization is key. But that’s not the only thing that defines millennials´ buying behavior. Here are some character traits which must be kept in mind when catering to this key demographic:

• Technology is essential: Having grown up with the rise of smartphones and the internet, this is the first digital native generation.
• Communication is key: Not just frequency and speed but the channel too. With social media as one of their preferred platforms, companies must stay cutting edge from a feature, functionality and interface perspective.
• Values matter: this one is not just limited to millennials – nowadays, the vast majority of investors care for Environmental, Social and Governance (ESG) causes and try to tailor their investments to their values. They show greater integration of money and values by investing in sustainable and impactful businesses.
• Flexibility, flexibility, flexibility: the speed of things has made this generation a lot more impatient which is why it’s even more important to be agile and flexible.

So what is Santander CIB doing to better serve these clients?

Personalization is expected across all sectors. We are committed to fulfilling our clients’ needs, surpassing their expectations and helping them to achieve their goals. That’s why, we continue to invest heavily in developing tailor-made solutions and in providing local expertise, fully integrated coverage and cross-border capabilities.

Santander Cash Nexus is an example of our ongoing commitment to deliver innovative digital banking products to our customers. This global payments solution provides access to local transactional services via a single point of entry. Users worldwide can benefit from a simplified payments process and greater visibility thanks to enhanced reports and more.

Terms like financial services and disruption are often coupled with one of the following technologies: artificial intelligence, analytics, machine learning or robotic process automation. At Santander CIB, we are looking into things like intelligent automation and other innovative technologies such as Blockchain to continue delivering our services at an even higher standard than before.

Indeed, when it comes to investment, regardless of the generation, people increasingly prefer to close the gap between personal and societal well-being. This is largely reflected in the way they live, the things they consume, how they work and their investment choices. Investors do not just want to earn a return from their investment but also want it to reflect their personal values and contribute to the social good.

We believe ESG initiatives and responsible banking standards are key drivers for the progress of society. That’s why, as part of our contribution to the Group’s Responsible Banking commitments, we aim to raise or facilitate the mobilization of 120 billion euros by 2025, and 220 billion euros by 2030 in green finance to help tackle climate change. 

Helping people and businesses prosper has always been our driver. With that in mind, the Group recently signed the ‘Green Recovery Alliance’ manifesto which calls for rebuilding our society around social and green principles once this crisis has passed.

With a predominantly millennial workforce, Human Resources is leveraging technology for strategic initiatives. These aim to help individuals identify their potential, learn continuously, upskill themselves and feel empowered to take control of their careers. Santander CIB will continue to bet on young talent by providing people with opportunities to develop a professional career in the Group’s wholesale banking area.

There is no such thing as a secret recipe but companies that can weave together technology, customization and relationships stand to benefit the most - and the longest - from this determined generation and those to come. 

Joao Simao will lead the new team as Global Head of Digital Solutions Group. 

The new unit will partner with global coverage and product teams, providing comprehensive support in the digital acceleration of customer’s business as well as developing value-added products and services, both in-house and in partnership with new entrants.

Madrid, 1st February 2020 - PRESS RELEASE

Santander Corporate & Investment Banking (Santander CIB) announced today the creation of a dedicated team to boost its offering in the area of Digital Solutions. This new global team, headed by Joao Simao, will collaborate closely with product teams across our platform to support our clients by providing strategic solutions as well as product and financing structures to help our clients in the digital acceleration of their business.

The new team will also develop value-added products and services, both in-house and in partnership with new entrants, in a moment where customer expectations and emerging technologies are accelerating the creation of new financial technology players.

Simao will lead the new team as Global Head of Digital Solutions, reporting to Darren Jones, Head SCIB UK and global head of Banking and Corporate Finance. This new team will elevate Santander’s strategic dialogue with clients in the area of technological and digital solutions, by developing innovative, sustainable and profitable digital capabilities and providing state of the art advisory services. It will produce also value-added products and services for clients, both in-house and in partnership with new entrants

Digital acceleration and Environmental, Social and Governance (ESG) are the defining trends for years to come. In 2020, Santander CIB successfully launched a dedicated ESG Solutions Team to help our clients in their transition towards a more sustainable business model. With the new Digital Solutions team, we are replicating the model to fully-leverage our internal expertise on the Digital arena. 

About Santander Corporate Investment Banking

Banco Santander (SAN SM, STD US, BNC LN) is a leading retail and commercial bank, founded in 1857 and headquartered in Spain. It has a meaningful presence in 10 core markets in Europe and the Americas, and is one of the largest banks in the world by market capitalization. Its purpose is to help people and businesses prosper in a simple, personal and fair way. Santander is building a more responsible bank and has made a number of commitments to support this objective, including raising over €120 billion in green financing between 2019 and 2025, as well as financially empowering more than 10 million people over the same period. At the end of the third quarter of 2020, Banco Santander had more than a trillion euros in total funds, 147 million customers, of which 22 million are loyal and 41 million are digital, 11,500 branches and 193,000 employees.

Santander Corporate & Investment Banking (Santander CIB) is Santander’s global division that supports corporate and institutional clients, offering tailored services and value-added wholesale products suited to their complexity and sophistication, as well as to responsible banking standards that contribute to the progress of society.

In the wake of covid-19, businesses and individuals alike have been further thrust into a digital society. To contend with the new normal, companies worldwide have placed an unprecedented focus on their digital offering to urgently meet the fast rising demand for services accessible anytime, anywhere.

In the corporate banking world alone, clients are increasingly relying on their financial institutions´ digital capabilities to conduct their day-to-day transactions and to service their more complex financial needs. The pandemic has proved that financial services providers, like Santander CIB, with robust technological abilities already in place, are well positioned to face this crisis whilst ensuring minimal disruptions to their clients.

Pre-covid-19

For many institutions in the corporate investment banking sector, the pandemic has accelerated the need to engage more deeply with their digital transformation agenda. However, even prior to covid-19, Santander CIB understood the importance of needing to implement technologically innovative processes to adapt to a changing and increasingly tech-savvy client base. Indeed, the digitally oriented client groups sought faster, streamlined, and more personalized experiences from their providers.

We identified that digital transformation was recognized as the key to driving profitability and simultaneously improving customer experience. In recent years, digital innovations such as machine learning, robotics, blockchain and cloud systems have completely altered the banking experience by providing, quicker, cost-effective and more efficient and secure banking solutions for clients and stakeholders worldwide.

It is now abundantly clear that institutions like Santander CIB - that were on the early wave of change and invested and explored new measures prior to covid-19 - are well positioned to provide their services to in an increasingly digitized corporate landscape.

Santander CIB Digital Transformation

Santander CIB recognizes that technological innovation results in mutually beneficial outcomes for both the business and its clients. Technology is one of the cornerstones on which Santander executes its strategic planning, capabilities for driving profitability, boosting customer experience and increasing customer loyalty.

In recent years, Santander CIB invested in a multi-year digital transformation. We changed our commercial model to offer greater availability and a more direct approach through digital channels, without losing our signature personal approach and services.

We used digital innovation to create an improved functional design that makes our services more comfortable to use. We have also made them more accessible, by stripping away architectural barriers and increasing the technology available, providing a more agile, personalized and customizable experience.

Another key aspect is the implementation of blockchain technology, which allows data and funds to be transferred in a completely secure manner thanks to sophisticated coding and encryption. Santander CIB is a pioneer in the use of this technology having launched the first bond with end-to-end blockchain technology. This is a first step towards a possible secondary market for tokenized securities in the future.

In addition to all of the above, Santander Group recently hired three leading technologists to help boost its strategy and digital transformation. Combined, all of these elements aim to provide our clients with an enhanced experience that caters to their needs, while allowing Santander CIB to become more competitive in the open market, deliver more cost effective services, and increase our returns.

As the digitized society continues to evolve, we are well positioned for what comes next, and we look forward to growing in tandem with our loyal clients.