The necessary digitization of the economy and business

Computers & TechnologyTechnology

  • Author Olivia Jonson
  • Published January 15, 2021
  • Word count 983

The necessary digitization of the economy and business

In a future marked by technological development, only those businesses that adapt to this new reality will be viable. Aware of this situation, Banco Santander supports SMEs and the self-employed through different initiatives that promote innovation

In just a few years, technology has transformed society, the economy, human relations and the production formulas of companies. Digitization is an unstoppable phenomenon and the Covid-19 pandemic has further accelerated this global trend. The process affects all economic actors, who must urgently adapt to this new situation. Only in this way will administrations, companies and citizens continue to compete on equal terms with other countries and businesses.

Numerous studies suggest that, if digitization is approached with rigor and guarantees, it will imply accelerated growth in productivity and an increase in employment levels. Hence the importance of successfully facing digital transformation, something that is a priority for the society in which we develop as individuals.

“I think digitization is not an option. It is a goal shared by all: banks, society, the education sector, health”, the president of Banco Santander, Ana Botín, has reiterated on more than one occasion. In this roadmap, the policies of the European Union play a very important role. “Good policies can help us get there. If we think about the last 100 years, the technological difference between Europe and America and emerging markets was very great, but that distance is closing, "said Botín in the framework of a meeting at the Institute of International Finance, held last year in Brussels.

The pandemic as an opportunity

The covid-19 crisis is also presented as an opportunity to enhance these digital advances. Spain will soon receive 144,000 million euros of European funds, of which half will correspond to credit, for the reactivation of the economy after the deep economic debacle caused by the pandemic.

EUROPEAN FUNDS MUST GIVE THAT DEFINITIVE IMPULSE FOR THE DIGITALIZATION OF SMES

This money should serve, among other things, to support the solvency and viability of SMEs and give them the definitive boost for their digitization. It is these small and medium-sized companies that are suffering the most from the effects of the crisis, which is why a large part of the employment and economic fabric of Spain depends on them.

For this reason, Ana Botín considers it essential that European funds arrive as soon as possible, to support these businesses in the post-covid era. “This means that European funds must give that definitive push for the digitization of SMEs. Banks have played an important role in this phase of the pandemic to protect companies (...) and now what we need is to strengthen public-private collaboration to capitalize on companies that have the capacity to invest, grow and generate employment ”, The president of the financial institution recently assured.

Incentives to innovate

In this sense, Banco Santander in Spain is developing platforms, services and technological applications that are supporting SMEs and the self-employed to improve their expertise and stimulate their innovation. One of them is Financia & Go, a 100% digital financing service for invoices issued and pending collection for SMEs in Spain, with which access to short-term financing is facilitated in a flexible and simple way, from the management tool itself. customer invoices. So they can connect their account with Banco Santander, select the amount they want to advance and the repayment period.

Banco Santander is developing platforms, services and applications in Spain that are supporting SMEs and the self-employed to improve their expertise and stimulate their innovation

For its part, Santander ZOne is a unique platform that helps companies and businesses connect with more than five million potential consumers. In total, more than 1.2 million active customers already benefit from this initiative, which, in essence, represents a powerful marketing tool. With it, companies can send tailored offers to Santander customers, filtering by age, location or spending profile, and thus boost their sales in the current context of recovery after the crisis caused by covid-19, at the same time that customers take advantage of significant discounts and benefits.

Regarding Santander's global transformation strategy, the entity has just announced the creation of an autonomous company, PagoNxt, which integrates its most disruptive payments businesses. It will carry out its activity in Europe and America in three business areas: solutions for businesses (Getnet), solutions for SMEs that operate internationally and need services that were previously only accessible to large companies, and digital products and services for individuals, such as Superdigital, la financial inclusion platform already available in five Latin American markets.

The digital revolution is already unstoppable

Digitization is one of the strategic pillars of Banco Santander, key to the growth and transformation of the group. In Spain, the financial institution already has more than five million digital users, which represents 64% of its total active clients. In addition, the confinement accelerated this process, with the incorporation of 300,000 new digital customers, 20% of which are over 70 years old.

During the state of alarm, the contracting of products and services carried out through digital channels accounted for more than 50% of total sales on key days. In those months, remote assistance to clients increased by more than 60%. The data shows the weight that digitization implies in the present and the future of the entity, which currently has more than 41 million digital customers around the world, of which 34 million use mobile banking and almost half of sales (44%) in the first nine months of the year were produced through digital channels, compared to 36% in 2019.

The ultimate goal is to “accelerate the digital revolution” so that the bank becomes “the best open platform for financial services”. Hence the recent launch of three new initiatives: One Santander to simplify the group's operations, products and services, starting with Europe; the creation of a digital native global bank through the combination of Openbank and Santander Consumer Finance, and the payment platforms that will operate under the autonomous company PagoNxt.

I am a writer having experience of more than 5 Years in the field of Content marketing. I Can Write Articles in the Field of Technology, Food, Travel and Entertainment. Read my Articles at https://joonse.com/category/tech/

Article source: http://articlebiz.com
This article has been viewed 200 times.

Rate article

This article has a 5 rating with 1 vote.

Article comments

There are no posted comments.

Related articles