Santander UK’s Spanish owner, Banco Santander, is diving headfirst into the AI pool, with a splashy plan to save over £433 million by 2028.
How, you ask?
By unleashing the power of artificial intelligence across its global operations, of course!
The banking giant is eyeing a whopping £860 million in extra revenues and savings, with over half coming from cost-cutting measures like automation, productivity boosts, and process simplification. While the bank is tight-lipped about job impacts, they’ve assured us there’s no workforce-cutting programme tied to this AI rollout. Phew!
By the end of 2026, Banco Santander aims to rake in over £173.4 million in “business value” from AI, including contributions from our very own Santander UK. They’ve already pocketed £30.3 million in the first quarter alone, with more to come.
In a tech-savvy twist, Santander is rolling out AI access to all 185,000 staff worldwide, including 15,000 in the UK. Currently, nearly 40,000 employees are already AI aficionados. Ricardo Martin Manjon, the chief data and AI officer, is leading the charge, declaring that AI is already revolutionising how they work and serve customers.
While banks like Standard Chartered and Lloyds Banking Group are also exploring AI’s potential, Santander is focusing on growth opportunities, not just efficiency. They’re even introducing AI in UK voice channels to tackle customer card queries, aiming to resolve 40% of calls through self-service, saving customers and staff heaps of time.
So, whether you’re a property professional or a business owner, keep an eye on how AI is reshaping the financial landscape—it’s a game-changer!
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