Santander has successfully migrated 80 per cent of its IT infrastructure to the cloud, making it one of the largest banks in the world to have digitalized its core banking systems.

The Spanish banking giant said the cloud migration and digitalization project, enabled by Gravity, a software developed in-house, would help the organisation become “digital-native” within the next 2-3 years.

The core banking platform is the most critical part of a bank’s IT infrastructure and is where the main financial transactions, such as money transfers, deposits or loans, are processed.

Santander said the digitalization of its core banking technology is enabling Santander and its customers to harness data and real-time analytics, while helping teams to develop and offer new services more quickly and drive efficiencies.

The digitalization will also make it possible for Santander’s 16,500 software developers and engineers deliver new capabilities and features in hours rather than days, as well as new app updates, the bank said.

Santander also believes the cloud migration will reduce the cost of running its core banking platform and will decrease the bank’s energy consumption for IT infrastructure by 70 per cent, contributing to Santander’s responsible banking targets.

Santander Group said it expects to fully complete the transition to cloud across its core markets and business within two to three years.

Dirk Marzluf, chief operating and technology officer at Banco Santander said: “Gravity will help transform Santander into a ‘digital-native’ company, with the agility and capabilities to offer the best customer experience, while continuing to provide the solid security for data and assets we’ve always delivered our customers.

“The initiative is an important next step in the bank's transition to a common tech stack that is utilised across the group's footprint for the benefit of both customers and shareholders. We are now closer to Santander’s aim of becoming the best open financial services platform."

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