Botin spoke to the Globe about his ambitions when he visited last week for a Boston-based Santander U.S. branch board meeting and town hall-style meeting with employees at the Marriott Long Wharf hotel. . At the town hall meeting, she cited a factor that gives her hope for the digital expansion to come: a dismantling of internal silos that naturally formed in a banking conglomerate built through a series of acquisitions. in many countries.
Another factor: Botin has largely solved the regulatory issues in the United States that once haunted his business. The former American chief, Scott powell, practically completed this task before leaving in December to tackle a new set of issues for Wells fargo. Tim wennes succeeded at that time as Botin’s first lieutenant in the United States.
Like a number of other major banks, Santander is going digital to expand beyond the footprint of its main branches to capture a new generation of customers. Another good local example is Citizens’ finance. The Providence-based bank now has more than $ 6 billion in deposits in its Citizen access online business after its launch in 2018.
In the United States, the branches which Santander inherited through the acquisition of Sovereign bank largely hemmed it into an eight-state imprint on the east coast. Maybe not for very long – if the Openbank concept crosses the Atlantic.
Santander revamped and relaunched its digital bank in Spain with a new web platform and app in 2017. It began its global expansion by entering other European countries last year and now has $ 11 billion deposits.
Santander is currently evaluating the logistics and business case for a US launch and expects to make a decision in three to six months. Openbank would allow Santander to collect deposits anywhere in the United States. (Santander also provides business and auto loans outside of the branch footprint.)
Most customers prefer to do their banking where they can walk in and talk to someone if necessary. But statistics cited by Botin show that a change in attitude is underway. Openbank, as Botin puts it, offers the confidence of a traditional bank, with the agility of a neobank.
Botin and Wennes are trying to mix things up in other ways as well. Santander is piloting a same-day loan program, for example, and its first American “work café” – more of a shared meeting space than a bank branch – is set to open in Brooklyn. Plans are also underway for one in Boston Harbor. – JON CHESTO
A brewing fight in the Seltzer biz
Be careful, Boston beer: The elephants are coming.
The manufacturer of Samuel adams beers has long been in competition with brewing giants such as Anheuser-Busch InBev and Molson coors on the beer front. Now, with the launch of Bud Light Seltzer, competition is intensifying in this world too.
White Claw, belonging to Mark Anthony brands, dominates the spiked soda category, with Boston Beer’s Truly Seltzer spikes a strong number two.
But how long will it last? Jefferies & Co. analyst Kevin grundy asked about the competition on a Boston Beer earnings call last week. CEO Dave burwick and president Jim koch responded by saying, in essence, that there is more than enough room.
Bud Light Seltzer is now the third most popular spiked seltzer in the country, although it was only released in January. But Burwick said Boston Beer has actually gained market share since Bud Light Seltzer launched. He also noted that the market is expected to double in size this year.
Koch explained how the company is investing in improving the taste of Truly Seltzers by spending more money on ingredients to develop more complex flavors.
“So the elephants get into the tub,” Koch said. “But we feel like we have carved out a space and. . . until there [have] held our share, actually increased it a bit. – JON CHESTO
Dunkin beats Brady in poll
Tom brady could leave New England. Corn Dunkin ‘ will never forsake us.
The once unthinkable possibility of Brady’s departure could be the reason he’s trailing Dunkin ‘in the polls. Pollsters at University of Massachusetts Lowell asked 450 likely Democratic voters in the state for their presidential choices. (Looks like Elizabeth warren and Bernie sanders well done.) But we were more interested in questions relating to the impressions of people and things with New England connections.
Sixty-eight percent said they had a favorable impression of Dunkin ‘. Brady? The beloved QB scored 61 percent. professor of political science Josh dyck said he was surprised Dunkin ‘scored higher, even with rumors that Brady could leave. He said he didn’t think anyone or anything else in Massachusetts was more popular.
during this time, only 27 percent said they had a favorable opinion of the MBTA.
Don’t feel too bad Steve Poftak. The T boss might take comfort in the fact that fewer people gave favorable ratings to Wynn Resorts and Columbia Gas: 15 percent and 11 percent, respectively. – JON CHESTO
Each dog has its own day
If it is true that one year equals seven canine years, then Brother Bailey lived a busy life, indeed.
public relations guru Georges regan decided the sixteen-year-old party he threw for his Pekingese dog was such a hit last February that he would do it again if Bailey turned 17. Of course, Bailey took another step forward and Regan welcomed another crowd to his waterfront offices.
Regan named Bailey after a former Globe business columnist, Steve bailey, who annoyed Regan by writing to the banker Chad Gifford (then Regan’s client) in an unflattering light. The joke – or the insult, depending on your perspective – was that the dog and the columnist looked alike.
More than 100 people gathered Regan Communication Groupoffices this time around, including many returning guests from last year. Ben Zander, driver of the Boston Philharmonic Orchestra, and blues legend James montgomery conducted the obligatory “Happy Birthday” song. Someone played a recording of Daft punkThe 2000 hit “One More Time”.
“The takeaway was that no one could believe he was here for another year. He’s actually walking around, ”Regan said.
So what’s Bailey’s secret? Maybe it’s his diet. He never had proper dog food, Regan said. Instead, he enjoys hot dogs, pizza, chicken fillets, and burgers. “I’m not a vet,” Regan said. “But the head of Angell-Memorial says, ‘Well, you know, at this age it works. “” – JON CHESTO