Santander targets €1 billion annual boost from AI investments as it expands customer base to 210M

Santander Sets Bold AI Investment Targets for 2028

Santander has unveiled an ambitious transformation strategy centered on artificial intelligence, projecting over €1 billion in annual AI business value by 2028 1

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. The Spanish banking group's strategic plan for 2026-2028 aims to harness AI investments alongside data initiatives to drive both cost savings from AI and increased revenues across its global operations 2

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. This aggressive push positions Santander to compete in an increasingly digital banking landscape where automation and personalized customer services define competitive advantage.

Customer Base Growth Anchors Strategic Vision

The banking group has set its sights on expanding from 180 million customers to more than 210 million by the end of 2028, representing customer base growth of 30 million across Europe and the Americas 1

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. Ana Botin, executive of Banco Santander, emphasized that the Santander strategic plan "sets a new standard for profitable growth" while serving this expanded customer population 2

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. The bank expects to grow revenue mid-single digit while reducing total costs every year to achieve a profit exceeding €20 billion by 2028 1

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AI-Powered Productivity Already Delivering Results

Santander's commitment to artificial intelligence extends beyond future projections. According to chief data and AI officer Ricardo Martín Manjón, AI initiatives generated over €200 million in savings during 2024 alone 1

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. AI copilots now support more than 40% of contact center interactions, demonstrating significant AI-powered productivity gains 1

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. In Spain, Speech Analytics processes 10 million voice calls annually, auto-filling CRM systems to improve customer service while freeing over 100,000 hours annually for higher-value work 1

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OpenAI Partnership Drives AI-Native Transformation

In August, Santander inked a deal with OpenAI, rolling out ChatGPT Enterprise to an initial cohort of 15,000 staffers as part of its bid to become an AI-native institution 1

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. This partnership represents a cornerstone of the bank's transformation strategy, which focuses on hyper-personalized customer journeys, AI-powered frontline productivity, and end-to-end process automation 1

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. The bank will launch mandatory AI training for all employees this year, tailoring programs across roles and markets to ensure its workforce of more than 200,000 staff can effectively leverage AI tools 1

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Digital-First Strategy Reshapes Branch Network

Billing itself as a "global digital bank with branches," Santander expects to improve its efficiency ratio through further simplification of products and processes, increased collaboration across global businesses, and scaling of common technology platforms 1

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. The bank recently announced plans for branch closures in the UK, shutting 44 locations to leave 244 full branches by the end of January, alongside smaller and reduced-hour sites 2

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. This retail network optimization reflects an industry-wide shift as customers move from in-person banking toward digital services, allowing Santander to redirect resources toward AI and data initiatives that enhance personalized customer experiences at scale.