About
After a deep and thorough analysis to minimize the risk of financial exclusion, we have found the way to mitigate the risk of financial exclusion: a new solution for the cash needs of our customers based in remote rural areas and a digitization plan to bring financial services to our clients over 65 years old.
Innovation presentation
The brand new agreement between Correos and Banco Santander answer the growing demand in the market regarding the lack of financial services in Rural Areas and we have decided to respond to this need with our agreement with Correos, called Correos Cash. This initiative allows cash services: withdrawing and depositing money in more than 1,600 locations where we do not have a presence, and offers a postman to take cash to any address in Spain, considering that home delivery is a very powerful service in all environments, also in urban ones, especially for older clients.
On the other hand, in the digital transformation strategy of Banco Santander, we contemplate the inclusion in the digital financial world of our older clients. People over 65 are one of our vulnerable customer groups and, as a bank, we must make an effort to integrate them into an increasingly digitized world. In order to offer them the same services through the same channels as other clients and to personalize our digital capabilities to facilitate their inclusion, we have adapted our app for them, listening and attending to their particular needs.
Uniqueness of the project
The truth is that this project, both in the Pioneros axis and especially in the Correos Cash axis, is so innovative that none of Santander's competitors have developed an initiative like this one or similar.
Banco Santander, in its commitment to responsible banking, felt in the duty to place itself on the side of those who need it most and, observing the needs of all its clients, we immediately repaired those groups most affected by the financial services of the moment: Those who live in remote areas do not have access to basic services that allow them to have cash comfortably and those who are punished by the difficulties that digitization entails, our oldest clients.
Needless to say that, as a bank, we have a great responsibility and an important challenge to meet to respond to the needs of our most affected groups and from Santander we are clear: we cannot turn our back on any of our clients and we need a project like this, which analyzes and consider the specific needs of those most affected.
In this sense, our project clearly differs from other solutions that already exist because it tackles the problems of those who need it most head-on.
