In 2023 and 2024, Banco Santander Chile enhanced its FX ecosystem to improve client experience from account opening to transaction completion. Key developments included launching several platforms: a new single-dealer platform with immediate settlement and robust security; an international transfer platform for easy, secure Swift transfers; and a 100% digital platform for individual transfers across Latam, the US and Europe. Additionally, the bank’s Más Lucas initiative offers basic accounts for unbanked and underbanked persons, and new digital foreign currency accounts (JPY, CNH, GBP, EUR, USD) enable retail and CIB customers to manage FX positions efficiently, supported by digital and voice services.
Additionally, the bank has expanded its application programming interface (API) distribution in key Latin American markets, including Chile, with over $3 billion executed through newly created APIs and strong client adoption. A renewed, tech-enhanced single-bank platform was launched in H2 2023 in Chile, focusing on user experience and self-service. This led to significant volume growth and improved FX net promoter scores, rising from 65% to 75% in Chile. SCIB’s global FX strategy is followed by local FX-oriented strategic plans which have been launched in Mexico, Chile and Brazil. The global FX strategy is also supported by local FX-oriented strategic plans in Chile – in addition to Mexico and Brazil – and aims to deepen market presence and enhance client experience, with C-suite backing.
Finally, looking at Banco Santander Chile’s results, one can see the impact its continued investment in the market has had. The bank leads the Chilean market in swaps with a 35.2% share and spread options with 19.4%. It also ranks third in spot trading with 8.11% market share, while over 50% of its flow is internalized. FX volumes grew 30% year-on-year, with a 5% increase in clients. Digital business volume rose from 40% in 2023 to 50% in Q2 2024. The bank’s commercial and retail presence expanded by 50% in trades, customers and volumes. It also saw a 47% increase in customers using its international transfers app, with a 41% rise in deals and 18% growth in traded amounts compared to 2023.
Xabier De Aretxabala, head of Santander’s CIB corporate sales in Chile, says: “Santander Chile leads FX in the region thanks to our clients’ trust in the quality of our services and products. We focus on digital innovation, enabling our clients to manage and hedge their FX easily. We have reinforced our presence in each of our clients’ segments, from retail clients to large corporates and institutions’ hedging strategies.”
