Santander has revealed its plans to invest $800m in its digital transformation process in Chile by 2026.

The new capital will be earmarked for Santander’s transformational process that it is implementing to become a digital bank with Work/Café.

The Spanish company will invest $350m in the new corporate building Campus Santander through Santander Investment, belonging to Grupo Santander.

Besides, Santander Chile will invest $450m in technology and operations (T&O) initiatives and branch renewal along with other actions.

Santander Chile CEO and country head Román Blanco said: “This is a great step, because it allows us to continue advancing in our Chile First strategy, with the sole objective of putting Chile and its people first.

“This plan demonstrates the confidence that the Group has and the long-term commitment that we have acquired to become the best bank for Chile.”

Santander introduced the first massive account, Más Lucas, on the market in March 2023.

It features 100% digital on-boarding to benefit customers through the generation of interest on the money kept in it, with a monthly variable rate.

Más Lucas considers a savings account and a physical and digital debit card.

Besides, it does not involve maintenance or transaction fees, and the interest earned is retained regardless of the number of transfers made.

In June this year, Santander Corporate & Investment Banking (Santander CIB) announced an equity investment in Komgo, a software development and technology services company focused on transforming the trade finance industry.

Through the partnership, Santander CIB aimed at supporting large multinational companies to bolster digitalisation.