Santander Chile presented "Más Lucas” the first 100% digital zero-cost interest bearing sight and savings account, new Work/Café Expresso transaction centers and the new specialized business service model in the Middle-Market of corporates.
Santiago, March 28, 2023.
Innovation is in Santander Chile's DNA. Today, Roman Blanco, CEO and Country Head of Banco Santander Chile (NYSE: BSAC) presented the "Chile First” initiatives in which various new and revolutionary strategic projects for 2023 were unveiled.
The first initiative presented was "Más Lucas", the first 100% digital on-boarding interest-bearing sight and savings account for the mass market. This product will not charge maintenance or transaction fees. In this way, "Más Lucas" responds to Santander's commitment to financial inclusion, by granting people access to new financial products.
During the presentation, Román Blanco stated that "we want to prove that in Chile we can go one step further in our mission of supporting people to progress. We are not afraid to change the paradigms of banking in Chile. For this reason, we have launched this product in which we clearly respond to the current environment where the cost of living has increased sharply”. The executive added that “at Santander we develop products that reflect what people are demanding with better and more attractive conditions by implementing solutions with which we will contribute to the financial empowerment of thousands of Chileans."
To obtain this account, you must download the Santander App and enroll through this application. The process to open an account will only take a few minutes. After that, you can start operating immediately through the account whose number will be 56 followed by the client's local ID number. The maximum balance and transfer amount is set at Ch$5 million.
It will also include a new form of authentication through facial recognition without a password, called passwordless. In simple, the device is enrolled and does not need authorization to make transfers, but rather there is a seed in the device created during the on-boarding process, which works with Face ID or fingerprint.
Another of the great novelties presented at “Chile First” was Work/Café Expresso, our new transaction centers with cashier or self-service services, a service desk, embossers for card printing and lockers for product delivery. Thus, Santander responds to another of the great challenges of the industry: customer service experience in branches.
"Just as Work/Café was an innovation that united the world of banking and coworking, through Work/Café Espresso we seek to renew the traditional concept of a branch, considerably improving the transactional experience for people in a pleasant and safe environment," stated Roman Blanco. We have already launched 4 Work/Café Espresso and the NPS (Net Promoter Score) for these offices reaches 90%.
Román Blanco stated that "at Santander we are aware of what is happening at the country level in terms of crime, which is why people who come to the Work/Café Expresso will be able to carry out their operations more safely and with comfortable waiting areas”. The structures of the tellers are designed to provide security and confidentiality, while the rest of the people wait their turn at a safe distant from tellers in areas that will have a high-quality cafeteria with sofas and armchairs.
Regarding self-service, people will have at their disposal state-of-the-art technology capable of receiving deposits, collecting vouchers, transferring money, and self-embossing a card instantly. In addition, these branches will have lockers, to withdraw products at the time that best suits them. These branches will attend from 08:00 hrs. until 7:00 p.m., being able to do cash transactions at tellers until 4:00 p.m., a first in Chile.
During the meeting, the new specialized business service model in the Middle-Market of corporates was announced, with a special focus on the agricultural, automotive and “Multi-Latina” companies (Middle-market clients seeking to internationalize), which is based on two pillars: expert advice and financial solutions tailored to their needs.
In this regard, Román Blanco stated that "through this model we make available to our clients a commercial and risk team specialized in these industries, who are qualified to provide expert and comprehensive advice to promote the growth and development of these businesses by delivering a range of financial products and services tailored to their needs”.
Added to these announcements is Work/Café StartUp, launched last November, which considers banking these ventures, making the Bank's capabilities available to test solutions through pilots and for Grupo Santander to invest financially in them.
Banco Santander Chile is the largest bank in the Chilean market in terms of loans and assets. As of December 31, 2022, the Bank had total assets of US$ 79.7 billion, loans net of provisions of US$ 37.7 billion, deposits of US$ 27.1 billion, and total equity of US$ 4.8 billion. The BIS capital ratio as of December 31, 2022 was 17.45%, with a core capital ratio of 11.1%. Banco Santander Chile is one of the companies with the highest risk classifications in Latin America with an A2 rating from Moody's, A- from Standard and Poor's, A+ from Japan Credit Rating Agency, AA- from HR Ratings, and A from KBRA
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