# Banco Santander competitors: and the alternatives

Source: https://www.bankingnewsai.com/banks/santander/competitors
Last updated: Oct 20, 2026

*Part of the [Banco Santander AI strategy profile](https://www.bankingnewsai.com/banks/santander). Peer group: BBVA, ING Groep N.V., BNP Paribas SA, Lloyds Banking Group, NatWest Group plc, Barclays PLC, HSBC, JPMorgan Chase, Capital One.*

## Who are Banco Santander's competitors, and what are the alternatives?

Santander serves more than 180 million customers and says it is among the top three in lending, deposits and mutual funds in most of its core markets, so its competitors are set country by country. Its 2025 Form 20-F lists them by name. In Spain, Santander, BBVA and CaixaBank together held about 68.5% of loans and 65.6% of deposits at September 2025, and the key peers are ING, Bankinter, BBVA, CaixaBank, Sabadell and Unicaja. In the UK, Santander UK's peers are Nationwide, Barclays, Halifax, NatWest, Lloyds, HSBC and TSB. In Brazil and Mexico the peer lists include the large domestic banks, BBVA and HSBC in Mexico, and Nubank in both countries, the clearest case of a fintech named as a direct rival in a bank's own filing. In the US, Santander Consumer USA competes with national and regional banks and carmakers' captive lenders in auto finance, where Santander says it is the global leader with more than 20 million customers; Capital One is on its US peer list. In payments, Getnet competes for merchants with Adyen and Stripe. The 20-F also names 'BigTechs' such as Amazon, Facebook and Apple, and, in corporate banking, 'non-bank lenders and private-capital providers'. In investment banking Santander is a smaller player; LSEG data ranked Goldman Sachs, JPMorgan and BNP Paribas first to third in EMEA fees in 2025. ([Banco Santander, S.A. (SEC filing)](https://www.sec.gov/Archives/edgar/data/891478/000089147826000030/san-20251231.htm), [Reuters](https://reuters.com/legal/transactional/european-investment-banks-fail-capitalise-trump-tariff-turmoil-2025-12-22))

## What does Santander say about its competition?

Banco Santander, S.A. Form 20-F for 2025 (filed 27 February 2026), "9. Competition": "We face strong competition in all of our principal areas of operation from other banks, savings banks, credit co-operatives, brokerage services, on-line banks, insurance companies and other financial services firms, particularly in pricing, attracting new customers and improving digital and customer service capabilities." In Spain, "At the end of September 2025 (most recent available information), Banco Bilbao Vizcaya Argentaria, Caixabank and Santander accounted for approximately 68.5% of loans and 65.6% of deposits in the Spanish financial system", and "The entry of on-line banks into the Spanish banking system has increased competition, mainly in customer funds businesses such as deposits." ([Banco Santander, S.A. (SEC filing)](https://www.sec.gov/Archives/edgar/data/891478/000089147826000030/san-20251231.htm))

Outside Spain: "we face strong competition outside of Spain, particularly in Argentina, Brazil, Chile, Mexico, Portugal, the UK, Germany, Poland, and the US. In these corporate and institutional banking markets, we compete with the large domestic banks active in these markets and with the major international banks. In some wholesale and corporate segments, we also compete with non-bank lenders and private-capital providers that have expanded their presence in recent years." In the UK, "Santander UK's main competitors are established UK banks, building societies and insurance companies and other financial services providers (such as supermarket chains and large retailers)", and in the UK card market "large retailers and specialist card issuers, including major US operators, are active in addition to the UK banks." ([Banco Santander, S.A. (SEC filing)](https://www.sec.gov/Archives/edgar/data/891478/000089147826000030/san-20251231.htm))

On fintechs: "Non-bank digital service providers (known as fintechs) have entered the financial services market and currently compete (and cooperate) among each other and with banks. Fintechs include startup firms specializing in specific services or niches of the financial services market, or large digital players (known as BigTechs), which include companies such as Amazon, Facebook and Apple. Competition in this segment increasingly depends on the ability to innovate, operate efficiently at scale and attract specialized technological talent." In the US, "Santander Consumer USA Inc. ... primarily competes against national and regional banks in the United States, as well as with automobile manufacturers' captive finance businesses". ([Banco Santander, S.A. (SEC filing)](https://www.sec.gov/Archives/edgar/data/891478/000089147826000030/san-20251231.htm))

The same report names its official peer group by country for customer-satisfaction benchmarking: "Spain: ING, Bankinter, BBVA, Caixabank, Sabadell, Unicaja"; "UK: Nationwide, Barclays, Halifax, NatWest Gr., Lloyds, HSBC, TSB"; "Brazil: Itaú, CEF, Bradesco, Banco do Brasil, Nubank"; "Mexico: BBVA, Nubank, Scotiabank, Banorte, HSBC, Banamex, Banco Azteca"; "Poland: ING, Millenium, MBank, Bank Polski, Bank Pekao, BNP Paribas"; and in the US Chase, Capital One, Bank of America, PNC, Wells Fargo, KeyBank, Citizens, Citigroup, TD Bank, M&T Bank and Truist. ([Banco Santander, S.A. (SEC filing)](https://www.sec.gov/Archives/edgar/data/891478/000089147826000030/san-20251231.htm))

## Who competes with Santander in each of its businesses?

| Business line | Competitor | Type | Why it competes |
| --- | --- | --- | --- |
| Home market: Spain | [BBVA](https://www.bankingnewsai.com/banks/bbva) | Bank | BBVA, CaixaBank and Santander held about 68.5% of Spanish loans and 65.6% of deposits at September 2025, and BBVA is on Santander's official Spanish peer list; BBVA's bid for Sabadell lapsed in October 2025 with 25.5% acceptance. ([Banco Santander, S.A. (SEC filing)](https://www.sec.gov/Archives/edgar/data/891478/000089147826000030/san-20251231.htm), [BBVA](https://bbva.com/en/bbva-offer-sabadell/bbva-to-accelerate-shareholder-remuneration-following-the-lapse-of-its-offer-for-banco-sabadell)) |
| Home market: Spain | [ING](https://www.bankingnewsai.com/banks/ing) | Bank | ING heads Santander's official peer list for Spain and is also on its Polish list; Santander's 20-F says the entry of online banks has increased competition in Spain, mainly for deposits. ([Banco Santander, S.A. (SEC filing)](https://www.sec.gov/Archives/edgar/data/891478/000089147826000030/san-20251231.htm)) |
| Santander UK: current accounts, mortgages and cards | [Lloyds Banking Group](https://www.bankingnewsai.com/banks/lloyds) | Bank | Lloyds and its Halifax brand both appear on Santander's official UK peer list; Santander bought TSB (completed 1 May 2026) to become the third-largest bank in Britain by personal current account balances, behind larger rivals such as Lloyds. ([Banco Santander, S.A. (SEC filing)](https://www.sec.gov/Archives/edgar/data/891478/000089147826000030/san-20251231.htm), [Reuters](https://reuters.com/business/finance/spanish-bank-sabadell-sells-tsb-banco-santander-33-billion-euros-2026-05-01)) |
| Santander UK: current accounts, mortgages and cards | [NatWest](https://www.bankingnewsai.com/banks/natwest) | Bank | NatWest Group is on Santander's official UK peer list; its Cora assistant handled 12.9 million customer conversations in 2025. ([Banco Santander, S.A. (SEC filing)](https://www.sec.gov/Archives/edgar/data/891478/000089147826000030/san-20251231.htm), [NatWest Group plc](https://investors.natwestgroup.com/~/media/Files/R/RBS-IR-V2/results-center/13022026/nwg-annual-report-and-accounts-2025.pdf)) |
| Santander UK: current accounts, mortgages and cards | [Barclays](https://www.bankingnewsai.com/banks/barclays) | Bank | Barclays is on Santander's official UK peer list; Barclays UK serves more than 20 million customers. ([Banco Santander, S.A. (SEC filing)](https://www.sec.gov/Archives/edgar/data/891478/000089147826000030/san-20251231.htm), [Barclays PLC (SEC 20-F)](https://www.sec.gov/Archives/edgar/data/312069/000031206926000004/bcs-20251231.htm)) |
| Santander UK: current accounts, mortgages and cards | [Monzo](https://www.bankingnewsai.com/fintech/monzo) | Fintech | Monzo has been a fully regulated UK bank since 2017 and served 15.2 million personal and business customers at 31 March 2026, more than the 13 million UK customers Revolut reports. ([Monzo](https://monzo.com/annual-report/2026/Monzo-Annual-Report-2026.pdf), [Revolut](https://www.revolut.com/news/revolut_launches_uk_bank/)) |
| Santander UK: current accounts, mortgages and cards | [Revolut](https://www.bankingnewsai.com/fintech/revolut) | Fintech | Santander's 20-F names fintechs as rivals that 'compete (and cooperate)' with banks; Revolut's UK bank launched fully on 11 March 2026 for 13 million UK customers. ([Banco Santander, S.A. (SEC filing)](https://www.sec.gov/Archives/edgar/data/891478/000089147826000030/san-20251231.htm), [Revolut](https://www.revolut.com/news/revolut_launches_uk_bank/)) |
| Latin American retail and consumer credit; US auto finance | [Nubank](https://www.bankingnewsai.com/fintech/nubank) | Fintech | Santander's 2025 report lists Nubank among its key peers in both Brazil and Mexico; Nu México began operating as a commercial bank on 6 August 2026 with 16 million customers. ([Banco Santander, S.A. (SEC filing)](https://www.sec.gov/Archives/edgar/data/891478/000089147826000030/san-20251231.htm), [Nu](https://nu.com/en/newsroom/company/nu-mexico-to-operate-as-a-bank-on-august-6)) |
| Latin American retail and consumer credit; US auto finance | [BBVA (Mexico)](https://www.bankingnewsai.com/banks/bbva) | Bank | BBVA heads Santander's official peer list for Mexico and is also on its Argentine and Uruguayan lists. ([Banco Santander, S.A. (SEC filing)](https://www.sec.gov/Archives/edgar/data/891478/000089147826000030/san-20251231.htm)) |
| Latin American retail and consumer credit; US auto finance | [HSBC (Mexico)](https://www.bankingnewsai.com/banks/hsbc) | Bank | HSBC is on Santander's official peer lists for Mexico and Argentina, as well as the UK. ([Banco Santander, S.A. (SEC filing)](https://www.sec.gov/Archives/edgar/data/891478/000089147826000030/san-20251231.htm)) |
| Latin American retail and consumer credit; US auto finance | [Capital One](https://www.bankingnewsai.com/banks/capital-one) | Bank | Capital One is on Santander's US peer list; Santander Consumer USA competes with national and regional banks and carmakers' captive lenders in auto finance, where Capital One's Auto Navigator lists more than 3.5 million cars at more than 15,000 dealerships. ([Banco Santander, S.A. (SEC filing)](https://www.sec.gov/Archives/edgar/data/891478/000089147826000030/san-20251231.htm), [Capital One](https://www.capitalone.com/cars/about)) |
| Getnet and payment solutions | [Adyen](https://www.bankingnewsai.com/fintech/adyen) | Payments company | Getnet, Santander's merchant payments platform, launched infrastructure for merchants to accept AI-agent payments in June 2026; Adyen sells merchant acquiring directly and launched Adyen Agentic the same month. ([Banco Santander](https://www.santander.com/en/press-room/press-releases/2026/06/getnet-develops-infrastructure-that-enables-businesses-to-accept-ai-agent-initiated-payments), [Adyen via PR Newswire](https://www.prnewswire.com/news-releases/adyen-announces-adyen-agentic-as-the-universal-translator-for-the-next-era-of-commerce-302801269.html)) |
| Getnet and payment solutions | [Stripe](https://www.bankingnewsai.com/fintech/stripe) | Payments company | Stripe processes merchant payments at global scale (US$1.4 trillion of volume in 2024) and released an Agentic Commerce Suite in December 2025, the market Getnet entered with agent-payment acceptance in June 2026. ([Stripe](https://stripe.com/newsroom/news/stripe-2024-update), [Stripe](https://stripe.com/newsroom/news/agentic-commerce-suite), [Banco Santander](https://www.santander.com/en/press-room/press-releases/2026/06/getnet-develops-infrastructure-that-enables-businesses-to-accept-ai-agent-initiated-payments)) |

## How do the AI and digital offerings of Santander's competitors compare?

Santander first, then each competitor. Use-case counts, index scores and latest moves are computed from our profiles of each company; "No profile" means this site has no page on it yet.

| Company | AI or digital offering | On the record (our profiles) | Latest dated AI move |
| --- | --- | --- | --- |
| [Banco Santander (this page)](https://www.bankingnewsai.com/banks/santander) | Group Data & AI function inside ONE Transformation, with a multi-provider model stack ([Banco Santander](https://santander.com/en/stories/santander-turns-its-ai-first-strategy-into-measurable-impact-and-extends-ai-access-to-all-185000-employees), [Banco Santander](https://santander.com/content/dam/santander-com/en/documentos/informe-financiero-anual/2025/ifa-2025-consolidated-annual-financial-report-en.pdf), [Banco Santander](https://www.santander.com/en/stories/driving-our-transformation-with-the-creation-of-the-global-data-ai-function)) | [Index 71.3 (#46); 19 use cases, 11 in production](https://www.bankingnewsai.com/banks/santander) | Santander AI Lab releases the A2K protocol suite (Sep 23, 2026) ([Banco Santander](https://www.santander.com/en/stories/a2k-a-new-protocol-for-connecting-ai-agents-to-governed-auditable-enterprise-knowledge)) |
| [BBVA](https://www.bankingnewsai.com/banks/bbva) | ChatGPT Enterprise extended to all 120,000 employees in 25 countries ([OpenAI](https://openai.com/index/bbva-collaboration-expansion/)) | [Index 77.2 (#27); 19 use cases, 12 in production](https://www.bankingnewsai.com/banks/bbva) | First European bank to join the Poppy agent protocol (Oct 13, 2026) ([BBVA](https://www.bbva.com/en/innovation/bbva-helps-design-a-common-protocol-led-by-sierra-ai-and-meta-to-connect-ai-agents-with-businesses/)) |
| [ING](https://www.bankingnewsai.com/banks/ing) | Chatbots in seven countries, with more than 80% of chats resolved without a human in four ([ING Groep N.V.](https://ing.com/binaries/content/assets/documents/investors/20260318---driving-value-through-digitalisation-scalability-and-genai.pdf)) | [Index 65.2 (#53); 16 use cases, 10 in production](https://www.bankingnewsai.com/banks/ing) | CEO at the BofA conference: 600 AI staff, Google as main partner (Sep 23, 2026) ([Investing.com](https://investing.com/news/transcripts/ing-at-bank-of-america-31th-annual-financials-ceo-conference-growth-lifts-targets-93CH-4912460), [MarketBeat via Yahoo Finance](https://finance.yahoo.com/markets/stocks/articles/ing-group-raises-2027-roe-010217370.html)) |
| [Lloyds Banking Group](https://www.bankingnewsai.com/banks/lloyds) | AI financial assistant with more than 500,000 Bank of Scotland customers ([Lloyds Banking Group](https://lloydsbankinggroup.com/media/press-releases/2026/lloyds-banking-group/1000-new-ai-roles.html)) | [Index 83.6 (#13); 19 use cases, 11 in production](https://www.bankingnewsai.com/banks/lloyds) | Evident AI index 2026: 15th again (Oct 6, 2026) ([Euronews via Yahoo Finance](https://finance.yahoo.com/news/ubs-only-european-bank-top-054547722.html)) |
| [NatWest](https://www.bankingnewsai.com/banks/natwest) | NatWest app in ChatGPT for home-buying and re-mortgage guidance (April 2026) ([NatWest Group](https://natwestgroup.com/news-and-insights/news-room/press-releases/ai-and-data/2026/apr/natwest-becomes-first-uk-bank-to-launch-trusted-home-buying-advi.html)) | [Index 75.1 (#35); 19 use cases, 11 in production](https://www.bankingnewsai.com/banks/natwest) | Evident AI Index places NatWest 17th (Oct 6, 2026) ([Euronews (via Yahoo Finance)](https://finance.yahoo.com/news/ubs-only-european-bank-top-054547373.html)) |
| [Barclays](https://www.bankingnewsai.com/banks/barclays) | Claude-based Colleague Knowledge Assistant for 16,000-plus UK colleagues ([Anthropic](https://www.anthropic.com/news/barclays-scales-claude)) | [Index 76 (#31); 20 use cases, 13 in production](https://www.bankingnewsai.com/banks/barclays) | Co-COO on model choice and agentic AI (Oct 1, 2026) ([American Banker](https://americanbanker.com/news/2026-the-most-powerful-women-in-banking-women-to-watch-24-anne-marie-darling-barclays)) |
| [Monzo](https://www.bankingnewsai.com/fintech/monzo) | AI self-service handles 62% of inbound chats and resolves 55% of them ([Monzo](https://monzo.com/annual-report/2026/Monzo-Annual-Report-2026.pdf)) | [9 use cases, 8 in production](https://www.bankingnewsai.com/fintech/monzo) | EU CEO Michael Carney to step down (Sep 22, 2026) ([PYMNTS.com](https://www.pymnts.com/personnel/2026/monzos-eu-chief-leaves-neobank-to-launch-robotics-startup/)) |
| [Revolut](https://www.bankingnewsai.com/fintech/revolut) | AIR assistant for everyday money tasks (April 2026) ([Revolut](https://www.revolut.com/news/revolut_enters_new_era_of_money_intelligence_with_launch_of_ai_assistant/)) | [7 use cases, 5 in production](https://www.bankingnewsai.com/fintech/revolut) | OCC grants conditional approval for a US national bank charter (Sep 3, 2026) ([Revolut](https://www.revolut.com/en-US/news/revolut_receives_conditional_approval_from_u_s_office_of_the_comptroller_of_the_currency_to_form_a_national_bank/), [American Banker](https://www.americanbanker.com/news/revolut-wins-us-charter-with-limits-on-four-products)) |
| [Nubank](https://www.bankingnewsai.com/fintech/nubank) | AI agents built for its 131 million customers ([Building Nubank](https://building.nubank.com/building-ai-agents-for-131-million-customers/)) | [7 use cases, 5 in production](https://www.bankingnewsai.com/fintech/nubank) | Nu says it is not pursuing a Monzo deal (Sep 30, 2026) ([Nu Holdings via SEC EDGAR](https://www.sec.gov/Archives/edgar/data/1691493/000129281426004752/nu20260930_6k.htm)) |
| [BBVA (Mexico)](https://www.bankingnewsai.com/banks/bbva) | Voice agents resolving close to 90% of interactions in production pilots in Peru and Mexico ([BBVA](https://www.bbva.com/en/innovation/bbva-creates-a-model-to-scale-ai-across-the-group-and-drive-its-customer-centric-transformation/)) | [Index 77.2 (#27); 19 use cases, 12 in production](https://www.bankingnewsai.com/banks/bbva) | First European bank to join the Poppy agent protocol (Oct 13, 2026) ([BBVA](https://www.bbva.com/en/innovation/bbva-helps-design-a-common-protocol-led-by-sierra-ai-and-meta-to-connect-ai-agents-with-businesses/)) |
| [HSBC (Mexico)](https://www.bankingnewsai.com/banks/hsbc) | HSBC Productivity Suite and the central AI platform ([HSBC Holdings plc](https://www.hsbc.com/-/files/hsbc/investors/hsbc-results/2025/annual/pdfs/hsbc-holdings-plc/260225-annual-report-and-accounts-2025.pdf), [HSBC Holdings plc](https://hsbc.com/-/files/hsbc/media/media-release/2026/260323-david-rice-announced-as-chief-ai-officer.pdf), [HSBC Holdings plc](https://hsbc.com/-/files/hsbc/media/media-release/2025/251201-hsbc-and-mistral-ai-join-forces-to-accelerate-ai-adoption-across-global-bank.pdf), [Google Cloud (PR Newswire)](https://www.prnewswire.com/news-releases/hsbc-and-google-cloud-announce-transformative-ai-banking-partnership-302802395.html), [HSBC Holdings plc](https://www.hsbc.com/who-we-are/hsbc-and-digital/hsbc-and-ai/transforming-hsbc-with-ai)) | [Index 88.5 (#6); 21 use cases, 9 in production](https://www.bankingnewsai.com/banks/hsbc) | AI-agent micropayment test with Ant Digital (Oct 9, 2026) ([Ant Digital Technologies (PR Newswire via Yahoo Finance)](https://finance.yahoo.com/technology/ai/articles/ant-digital-technologies-hsbc-announce-063000243.html)) |
| [Capital One](https://www.bankingnewsai.com/banks/capital-one) | Chat Concierge, a multi-agent assistant on dealer websites; ProtectID fraud screening ([Capital One](https://www.capitalone.com/tech/ai/future-of-ai-car-dealerships-shopping), [Capital One](https://www.capitalone.com/about/newsroom/capital-one-auto-wins-two-2026-big-innovation-awards)) | [Index 85.2 (#11); 13 use cases, 13 in production](https://www.bankingnewsai.com/banks/capital-one) | Second on the Evident AI index for a fourth year (Oct 6, 2026) ([American Banker](https://www.americanbanker.com/news/jpmorganchase-still-tops-ai-ranking-as-big-bank-lead-widens), [Banking Dive](https://www.bankingdive.com/news/banks-ai-guardrails-accelerate/832216/)) |
| [Adyen](https://www.bankingnewsai.com/fintech/adyen) | Adyen Uplift AI payment optimization (January 2025) ([Adyen](https://www.adyen.com/press-and-media/adyen-uplift-launch)) | [7 use cases, 4 in production](https://www.bankingnewsai.com/fintech/adyen) | Adyen Index Singapore: 'The agentic paradox' (Sep 23, 2026) ([Adyen](https://adyen.com/en_SG/knowledge-hub/adyen-index-sg-ch2-agentic-commerce)) |
| [Stripe](https://www.bankingnewsai.com/fintech/stripe) | Agentic Commerce Suite and Instant Checkout in ChatGPT ([Stripe](https://stripe.com/newsroom/news/agentic-commerce-suite), [Stripe](https://stripe.com/newsroom/news/stripe-openai-instant-checkout)) | [10 use cases, 8 in production](https://www.bankingnewsai.com/fintech/stripe) | Stripe co-publishes a 'personal agent protocol' (Oct 6, 2026) ([CNBC](https://www.cnbc.com/2026/10/06/meta-joins-companies-to-tame-chaos-of-doing-business-with-ai-bots.html)) |

## Who should look beyond Santander, and where?

| If you are | Look at | Why |
| --- | --- | --- |
| Spanish savers who want a branchless bank | [ING](https://www.bankingnewsai.com/banks/ing) | Santander's 20-F says online banks have increased competition in Spain, mainly for deposits, and names ING first among its Spanish peers; ING says more than 80% of chats are resolved without a human in four of its markets. Santander's own digital bank is Openbank. ([Banco Santander, S.A. (SEC filing)](https://www.sec.gov/Archives/edgar/data/891478/000089147826000030/san-20251231.htm), [ING Groep N.V.](https://ing.com/binaries/content/assets/documents/investors/20260318---driving-value-through-digitalisation-scalability-and-genai.pdf), [Banco Santander](https://santander.com/en/press-room/press-releases/2025/10/openbank-and-santander-consumer-finance-to-integrate-in-europe-expanding-range-of-products-and-services-to-customers)) |
| Customers in Brazil or Mexico who want an app-only bank | [Nubank](https://www.bankingnewsai.com/fintech/nubank) | Nubank is on Santander's own peer lists in Brazil and Mexico; Nu México became a commercial bank on 6 August 2026 with 16 million customers. ([Banco Santander, S.A. (SEC filing)](https://www.sec.gov/Archives/edgar/data/891478/000089147826000030/san-20251231.htm), [Nu](https://nu.com/en/newsroom/company/nu-mexico-to-operate-as-a-bank-on-august-6)) |
| UK customers who want an app-only bank with an AI assistant | [Revolut or Monzo](https://www.bankingnewsai.com/fintech/revolut) | Revolut's UK bank launched fully in March 2026 for 13 million UK customers with its AIR assistant following in April; Monzo, a UK bank since 2017 with 15.2 million customers, says AI self-service handles 62% of inbound chats. ([Revolut](https://www.revolut.com/news/revolut_launches_uk_bank/), [Revolut](https://www.revolut.com/news/revolut_enters_new_era_of_money_intelligence_with_launch_of_ai_assistant/), [Monzo](https://monzo.com/annual-report/2026/Monzo-Annual-Report-2026.pdf)) |
| US customers outside the Northeast who want a branch bank | [Chase or another national bank](https://www.bankingnewsai.com/banks/santander-us) | Santander Bank competes in the Northeastern, New England and New York retail and mid-corporate markets, per the 20-F, and its $12.2 billion Webster deal (announced February 2026) adds a Connecticut lender rather than a national network; JPMorgan owned or leased 5,083 branches in 48 states and Washington D.C. at the end of 2025. ([Banco Santander, S.A. (SEC filing)](https://www.sec.gov/Archives/edgar/data/891478/000089147826000030/san-20251231.htm), [Reuters](https://reuters.com/legal/transactional/santander-buy-webster-financial-122-billion-deal-2026-02-03), [JPMorgan Chase & Co. (SEC filings)](https://www.sec.gov/Archives/edgar/data/19617/000162828026008131/jpm-20251231.htm)) |
| Small businesses and individuals that mainly need cross-border transfers and multi-currency accounts | [Wise](https://www.bankingnewsai.com/fintech/wise) | Santander's own cross-border bet is Ebury, whose GBP 550 million funding round it joined alongside lead investor Centerbridge to fund product development and AI capabilities; Wise sells transfers and accounts directly and says in its 20-F that 'Our primary competitors are traditional banks'. ([Banco Santander](https://santander.com/content/dam/santander-com/en/documentos/resultados-trimestrales/2026/q2/rt-q2-2026-banco-santander-financial-report-en.pdf), [Wise Group plc via SEC EDGAR](https://www.sec.gov/Archives/edgar/data/2099039/000119312526282911/d17323d20f.htm)) |
| Companies that want a top-ranked M&A and capital markets adviser in Europe | [Goldman Sachs, JPMorgan or BNP Paribas](https://www.bankingnewsai.com/banks/goldman-sachs) | Santander's corporate and investment bank competes with 'the large domestic banks' and 'the major international banks'; LSEG data ranked Goldman Sachs, JPMorgan and BNP Paribas first to third in EMEA investment banking fees in 2025. ([Banco Santander, S.A. (SEC filing)](https://www.sec.gov/Archives/edgar/data/891478/000089147826000030/san-20251231.htm), [Reuters](https://reuters.com/legal/transactional/european-investment-banks-fail-capitalise-trump-tariff-turmoil-2025-12-22)) |

## Which banks does Santander name as its peers in each country?

Santander's official peer group by country, from its 2025 annual report on Form 20-F, used to benchmark customer satisfaction (NPS). Santander's 2025 NPS rank is shown where given.

| Country | Peers named by Santander | Santander NPS rank, 2025 | Peers with a page here |
| --- | --- | --- | --- |
| Spain | ING, Bankinter, BBVA, Caixabank, Sabadell, Unicaja | 3 | ING, BBVA ([Banco Santander, S.A. (SEC filing)](https://www.sec.gov/Archives/edgar/data/891478/000089147826000030/san-20251231.htm)) |
| United Kingdom | Nationwide, Barclays, Halifax, NatWest Group, Lloyds, HSBC, TSB | 5 | Barclays, NatWest, Lloyds, HSBC ([Banco Santander, S.A. (SEC filing)](https://www.sec.gov/Archives/edgar/data/891478/000089147826000030/san-20251231.htm)) |
| Brazil | Itaú, CEF, Bradesco, Banco do Brasil, Nubank | 2 | Nubank (fintech) ([Banco Santander, S.A. (SEC filing)](https://www.sec.gov/Archives/edgar/data/891478/000089147826000030/san-20251231.htm)) |
| Mexico | BBVA, Nubank, Scotiabank, Banorte, HSBC, Banamex, Banco Azteca | 3 | BBVA, HSBC, Scotiabank, Nubank ([Banco Santander, S.A. (SEC filing)](https://www.sec.gov/Archives/edgar/data/891478/000089147826000030/san-20251231.htm)) |
| Poland | ING, Millenium, MBank, Bank Polski, Bank Pekao, BNP Paribas | 3 | ING, BNP Paribas ([Banco Santander, S.A. (SEC filing)](https://www.sec.gov/Archives/edgar/data/891478/000089147826000030/san-20251231.htm)) |
| United States | Chase, Capital One, Bank of America, PNC, Wells Fargo, KeyBank, Citizens, Citigroup, TD Bank, M&T Bank, Truist | 3 | All eleven ([Banco Santander, S.A. (SEC filing)](https://www.sec.gov/Archives/edgar/data/891478/000089147826000030/san-20251231.htm)) |
| Argentina | Galicia, BBVA, ICBC, HSBC, Banco Macro, Banco de la Nación | 1 | BBVA, HSBC ([Banco Santander, S.A. (SEC filing)](https://www.sec.gov/Archives/edgar/data/891478/000089147826000030/san-20251231.htm)) |

## How is Santander changing its position against competitors in the UK and the US?

In the UK, Sabadell completed the sale of TSB to Santander on 1 May 2026 for about EUR 3.3 billion; Santander said when it agreed the deal in July 2025 that it would make it the third-largest bank in Britain by personal current account balances. TSB had been on Santander's own UK peer list, alongside Nationwide, Barclays, Halifax, NatWest, Lloyds and HSBC. ([Reuters](https://reuters.com/business/finance/spanish-bank-sabadell-sells-tsb-banco-santander-33-billion-euros-2026-05-01), [Banco Santander, S.A. (SEC filing)](https://www.sec.gov/Archives/edgar/data/891478/000089147826000030/san-20251231.htm))

In the US, Santander agreed on 3 February 2026 to buy Connecticut-based Webster Financial for $12.2 billion, which Reuters says would put it among the 10 largest US retail and commercial banks by assets, with about $327 billion of combined US assets, and noted that its European rivals had sold up or scaled back in the US over the past decade. Reuters also describes Santander as one of the biggest players in US auto lending, where Capital One is on its peer list. ([Reuters](https://reuters.com/legal/transactional/santander-buy-webster-financial-122-billion-deal-2026-02-03), [Banco Santander, S.A. (SEC filing)](https://www.sec.gov/Archives/edgar/data/891478/000089147826000030/san-20251231.htm))

## How does Santander describe fintech competition?

Santander's 20-F says fintechs 'compete (and cooperate)' with banks and that competition 'is not entirely on a level playing field' because banks apply banking-level controls to all subsidiaries while fintechs 'may only be subject to activity-specific regulations, if at all'. Nubank is the fintech it names directly, on its peer lists in Brazil and Mexico; Nu México became a full commercial bank on 6 August 2026. ([Banco Santander, S.A. (SEC filing)](https://www.sec.gov/Archives/edgar/data/891478/000089147826000030/san-20251231.htm), [Nu](https://nu.com/en/newsroom/company/nu-mexico-to-operate-as-a-bank-on-august-6))

Santander also invests alongside fintechs: its first-half 2026 report describes Ebury's GBP 550 million funding round, led by Centerbridge alongside Santander, as funding product development, expansion and AI capabilities, and its 2025 annual report counts more than 20 startup investment deals. In payments, its Getnet platform now accepts AI-agent-initiated payments, the same agentic-commerce market Stripe and Adyen are building for. ([Banco Santander](https://santander.com/content/dam/santander-com/en/documentos/resultados-trimestrales/2026/q2/rt-q2-2026-banco-santander-financial-report-en.pdf), [Banco Santander](https://santander.com/content/dam/santander-com/en/documentos/informe-financiero-anual/2025/ifa-2025-consolidated-annual-financial-report-en.pdf), [Banco Santander](https://www.santander.com/en/press-room/press-releases/2026/06/getnet-develops-infrastructure-that-enables-businesses-to-accept-ai-agent-initiated-payments), [Stripe](https://stripe.com/newsroom/news/agentic-commerce-suite), [Adyen via PR Newswire](https://www.prnewswire.com/news-releases/adyen-announces-adyen-agentic-as-the-universal-translator-for-the-next-era-of-commerce-302801269.html))

## Common questions

### Who are Santander's biggest competitors?

Santander names them country by country in its 2025 Form 20-F: BBVA, CaixaBank, ING, Bankinter, Sabadell and Unicaja in Spain; Nationwide, Barclays, Lloyds (with Halifax), NatWest, HSBC and TSB in the UK; Itaú, Bradesco, Banco do Brasil, CEF and Nubank in Brazil; BBVA, Banorte, Nubank and HSBC in Mexico; and Chase, Capital One and other large banks in the US. ([Banco Santander, S.A. (SEC filing)](https://www.sec.gov/Archives/edgar/data/891478/000089147826000030/san-20251231.htm))

### Santander vs BBVA: how do they compete?

They are Spain's two largest listed banking groups: with CaixaBank they held about 68.5% of Spanish loans and 65.6% of deposits at September 2025. BBVA is also on Santander's peer lists in Mexico, Argentina and Uruguay. On AI disclosure, BBVA scores 77.2 on this site's reference score against Santander's 71.3. ([Banco Santander, S.A. (SEC filing)](https://www.sec.gov/Archives/edgar/data/891478/000089147826000030/san-20251231.htm))

### Is Nubank a competitor of Santander?

Yes. Santander's 2025 report lists Nubank among its key peers in both Brazil and Mexico, alongside the large domestic banks. Nu México began operating as a commercial bank on 6 August 2026 with 16 million customers, described as Mexico's largest digital bank. ([Banco Santander, S.A. (SEC filing)](https://www.sec.gov/Archives/edgar/data/891478/000089147826000030/san-20251231.htm), [Nu](https://nu.com/en/newsroom/company/nu-mexico-to-operate-as-a-bank-on-august-6))

### Who competes with Santander UK?

Santander's official UK peer list is Nationwide, Barclays, Halifax, NatWest Group, Lloyds, HSBC and TSB, and its 20-F adds building societies, supermarket chains and large retailers, plus specialist card issuers including major US operators in cards. Santander ranked fifth among them on customer satisfaction in 2025. App banks such as Revolut, a full UK bank since March 2026, also compete. ([Banco Santander, S.A. (SEC filing)](https://www.sec.gov/Archives/edgar/data/891478/000089147826000030/san-20251231.htm), [Revolut](https://www.revolut.com/news/revolut_launches_uk_bank/))

### Who competes with Santander in auto finance?

Santander says it is the global leader in auto finance with more than 20 million customers. In the US, Santander Consumer USA competes with national and regional banks and with carmakers' captive finance businesses; Capital One, on Santander's US peer list, runs an Auto Navigator marketplace with more than 15,000 dealerships and a dealer-facing AI assistant. ([Banco Santander, S.A. (SEC filing)](https://www.sec.gov/Archives/edgar/data/891478/000089147826000030/san-20251231.htm), [Capital One](https://www.capitalone.com/cars/about), [Capital One](https://www.capitalone.com/tech/ai/future-of-ai-car-dealerships-shopping))

### Did Santander buy TSB, and does that change its UK competitors?

Yes. Sabadell completed the sale of TSB to Santander on 1 May 2026 for about EUR 3.3 billion. Santander said the deal would make it the third-largest bank in Britain by personal current account balances; its remaining UK peers are Nationwide, Barclays, Lloyds with Halifax, NatWest and HSBC, plus app banks such as Revolut and Monzo. ([Reuters](https://reuters.com/business/finance/spanish-bank-sabadell-sells-tsb-banco-santander-33-billion-euros-2026-05-01), [Banco Santander, S.A. (SEC filing)](https://www.sec.gov/Archives/edgar/data/891478/000089147826000030/san-20251231.htm), [Revolut](https://www.revolut.com/news/revolut_launches_uk_bank/))

### Is Revolut or Monzo a competitor of Santander UK?

Yes. Santander's 20-F says fintechs compete, and cooperate, with banks. Revolut's UK bank left mobilisation on 11 March 2026 and can offer FSCS-protected deposits to its 13 million UK customers; Monzo has been a UK bank since 2017 and had 15.2 million customers at 31 March 2026. Santander UK ranked fifth among its named UK peers on customer satisfaction in 2025. ([Banco Santander, S.A. (SEC filing)](https://www.sec.gov/Archives/edgar/data/891478/000089147826000030/san-20251231.htm), [Revolut](https://www.revolut.com/news/revolut_launches_uk_bank/), [Monzo](https://monzo.com/annual-report/2026/Monzo-Annual-Report-2026.pdf))

### Does Santander compete with Amazon or Apple?

Santander's 20-F names large digital players it calls BigTechs, 'such as Amazon, Facebook and Apple', among the fintechs that compete and cooperate with banks, and says competition increasingly depends on the ability to innovate, operate efficiently at scale and attract technological talent. It does not name a specific product where they compete. ([Banco Santander, S.A. (SEC filing)](https://www.sec.gov/Archives/edgar/data/891478/000089147826000030/san-20251231.htm))

### Who competes with Getnet, Santander's payments business?

In merchant acquiring, global processors such as Adyen and Stripe. Getnet launched infrastructure for merchants to accept AI-agent-initiated payments in June 2026; Adyen launched Adyen Agentic the same month, and Stripe released an Agentic Commerce Suite in December 2025 after processing US$1.4 trillion of payments in 2024. ([Banco Santander](https://www.santander.com/en/press-room/press-releases/2026/06/getnet-develops-infrastructure-that-enables-businesses-to-accept-ai-agent-initiated-payments), [Adyen via PR Newswire](https://www.prnewswire.com/news-releases/adyen-announces-adyen-agentic-as-the-universal-translator-for-the-next-era-of-commerce-302801269.html), [Stripe](https://stripe.com/newsroom/news/agentic-commerce-suite), [Stripe](https://stripe.com/newsroom/news/stripe-2024-update))

## Peers on this site

- [BBVA AI strategy](https://www.bankingnewsai.com/banks/bbva) · [vs peers](https://www.bankingnewsai.com/banks/bbva/vs-peers)
- [ING Groep N.V. AI strategy](https://www.bankingnewsai.com/banks/ing) · [vs peers](https://www.bankingnewsai.com/banks/ing/vs-peers)
- [BNP Paribas SA AI strategy](https://www.bankingnewsai.com/banks/bnp-paribas) · [vs peers](https://www.bankingnewsai.com/banks/bnp-paribas/vs-peers)
- [Lloyds Banking Group AI strategy](https://www.bankingnewsai.com/banks/lloyds) · [vs peers](https://www.bankingnewsai.com/banks/lloyds/vs-peers)
- [NatWest Group plc AI strategy](https://www.bankingnewsai.com/banks/natwest) · [vs peers](https://www.bankingnewsai.com/banks/natwest/vs-peers)
- [Barclays PLC AI strategy](https://www.bankingnewsai.com/banks/barclays) · [vs peers](https://www.bankingnewsai.com/banks/barclays/vs-peers)
- [HSBC AI strategy](https://www.bankingnewsai.com/banks/hsbc) · [vs peers](https://www.bankingnewsai.com/banks/hsbc/vs-peers)
- [JPMorgan Chase AI strategy](https://www.bankingnewsai.com/banks/jpmorgan-chase) · [vs peers](https://www.bankingnewsai.com/banks/jpmorgan-chase/vs-peers)
- [Capital One AI strategy](https://www.bankingnewsai.com/banks/capital-one) · [vs peers](https://www.bankingnewsai.com/banks/capital-one/vs-peers)

## Sources

1. Banco Santander, S.A. Annual Report on Form 20-F for the fiscal year ended 31 December 2025 — Banco Santander, S.A. (SEC filing), Feb 27, 2026. https://www.sec.gov/Archives/edgar/data/891478/000089147826000030/san-20251231.htm
2. European investment banks fail to capitalise on Trump Tariff turmoil — Reuters, Dec 22, 2025. https://reuters.com/legal/transactional/european-investment-banks-fail-capitalise-trump-tariff-turmoil-2025-12-22
3. BBVA to Accelerate Shareholder Remuneration Following the Lapse of its Offer for Banco Sabadell — BBVA, Oct 16, 2025. https://bbva.com/en/bbva-offer-sabadell/bbva-to-accelerate-shareholder-remuneration-following-the-lapse-of-its-offer-for-banco-sabadell
4. Spain's Sabadell completes sale of UK's TSB to Santander — Reuters, May 1, 2026. https://reuters.com/business/finance/spanish-bank-sabadell-sells-tsb-banco-santander-33-billion-euros-2026-05-01
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10. About Capital One Auto (product page, retrieved 2026-10-15) — Capital One, Oct 15, 2026. https://www.capitalone.com/cars/about
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12. Adyen Announces Adyen Agentic As the Universal Translator for the Next Era of Commerce — Adyen via PR Newswire, Jun 16, 2026. https://www.prnewswire.com/news-releases/adyen-announces-adyen-agentic-as-the-universal-translator-for-the-next-era-of-commerce-302801269.html
13. Stripe's total payment volume reaches $1.4T, fueled by long-standing investments in AI — Stripe, Feb 27, 2025. https://stripe.com/newsroom/news/stripe-2024-update
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19. BBVA and OpenAI collaborate to transform global banking — OpenAI, Dec 12, 2025. https://openai.com/index/bbva-collaboration-expansion/
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22. ING at Bank of America 31th Annual Financials CEO Conference: growth lifts targets — Investing.com, Sep 23, 2026. https://investing.com/news/transcripts/ing-at-bank-of-america-31th-annual-financials-ceo-conference-growth-lifts-targets-93CH-4912460
23. ING Group Raises 2027 ROE Target Above 16% as Revenue, AI Drive Growth — MarketBeat via Yahoo Finance, Sep 25, 2026. https://finance.yahoo.com/markets/stocks/articles/ing-group-raises-2027-roe-010217370.html
24. Lloyds targets more than 1,000 new AI roles as it expands agentic AI capability — Lloyds Banking Group, Jun 22, 2026. https://lloydsbankinggroup.com/media/press-releases/2026/lloyds-banking-group/1000-new-ai-roles.html
25. UBS only European bank in top 10 of AI adoption as JPMorgan Chase leads — Euronews via Yahoo Finance, Oct 7, 2026. https://finance.yahoo.com/news/ubs-only-european-bank-top-054547722.html
26. NatWest becomes first UK bank to launch home-buying guidance in ChatGPT — NatWest Group, Apr 30, 2026. https://natwestgroup.com/news-and-insights/news-room/press-releases/ai-and-data/2026/apr/natwest-becomes-first-uk-bank-to-launch-trusted-home-buying-advi.html
27. UBS only European bank in top 10 of AI adoption as JPMorgan Chase leads — Euronews (via Yahoo Finance), Oct 7, 2026. https://finance.yahoo.com/news/ubs-only-european-bank-top-054547373.html
28. Barclays scales Claude to upgrade operations and improve client experience — Anthropic, Oct 1, 2026. https://www.anthropic.com/news/barclays-scales-claude
29. The Most Powerful Women in Banking Women to Watch, #24, Anne Marie Darling, Barclays — American Banker, Oct 1, 2026. https://americanbanker.com/news/2026-the-most-powerful-women-in-banking-women-to-watch-24-anne-marie-darling-barclays
30. Monzo's EU Chief Leaves Neobank to Launch Robotics Startup — PYMNTS.com, Sep 22, 2026. https://www.pymnts.com/personnel/2026/monzos-eu-chief-leaves-neobank-to-launch-robotics-startup/
31. Revolut enters new era of money intelligence with launch of AI assistant — Revolut, Apr 9, 2026. https://www.revolut.com/news/revolut_enters_new_era_of_money_intelligence_with_launch_of_ai_assistant/
32. Revolut Receives Conditional Approval from U.S. Office of the Comptroller of the Currency to Form a National Bank — Revolut, Sep 3, 2026. https://www.revolut.com/en-US/news/revolut_receives_conditional_approval_from_u_s_office_of_the_comptroller_of_the_currency_to_form_a_national_bank/
33. Revolut wins US charter with limits on four products — American Banker, Sep 3, 2026. https://www.americanbanker.com/news/revolut-wins-us-charter-with-limits-on-four-products
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37. Annual Report and Accounts 2025 — HSBC Holdings plc, Feb 25, 2026. https://www.hsbc.com/-/files/hsbc/investors/hsbc-results/2025/annual/pdfs/hsbc-holdings-plc/260225-annual-report-and-accounts-2025.pdf
38. HSBC announces David Rice as its first Chief AI Officer — HSBC Holdings plc, Mar 23, 2026. https://hsbc.com/-/files/hsbc/media/media-release/2026/260323-david-rice-announced-as-chief-ai-officer.pdf
39. HSBC and Mistral AI join forces to accelerate AI adoption across global bank — HSBC Holdings plc, Dec 1, 2025. https://hsbc.com/-/files/hsbc/media/media-release/2025/251201-hsbc-and-mistral-ai-join-forces-to-accelerate-ai-adoption-across-global-bank.pdf
40. HSBC and Google Cloud Announce Transformative AI Banking Partnership — Google Cloud (PR Newswire), Jun 17, 2026. https://www.prnewswire.com/news-releases/hsbc-and-google-cloud-announce-transformative-ai-banking-partnership-302802395.html
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42. Ant Digital Technologies and HSBC announce successful AI agent micropayment technical verification test — Ant Digital Technologies (PR Newswire via Yahoo Finance), Oct 9, 2026. https://finance.yahoo.com/technology/ai/articles/ant-digital-technologies-hsbc-announce-063000243.html
43. AI for Car Dealerships: Smarter Car Shopping — Capital One, Mar 5, 2025. https://www.capitalone.com/tech/ai/future-of-ai-car-dealerships-shopping
44. Capital One Auto earns two 2026 BIG Innovation Awards (Chat Concierge and ProtectID) — Capital One, Mar 12, 2026. https://www.capitalone.com/about/newsroom/capital-one-auto-wins-two-2026-big-innovation-awards
45. JPMorganChase still tops AI ranking as big-bank lead widens — American Banker, Oct 6, 2026. https://www.americanbanker.com/news/jpmorganchase-still-tops-ai-ranking-as-big-bank-lead-widens
46. Banks prioritize responsible AI, governance as use soars — Banking Dive, Oct 6, 2026. https://www.bankingdive.com/news/banks-ai-guardrails-accelerate/832216/
47. Introducing Adyen Uplift: The payment solution optimizing every transaction with AI — Adyen, Jan 9, 2025. https://www.adyen.com/press-and-media/adyen-uplift-launch
48. Chapter 2: The agentic paradox — Adyen, Sep 23, 2026. https://adyen.com/en_SG/knowledge-hub/adyen-index-sg-ch2-agentic-commerce
49. Stripe powers Instant Checkout in ChatGPT and releases Agentic Commerce Protocol codeveloped with OpenAI — Stripe, Sep 29, 2025. https://stripe.com/newsroom/news/stripe-openai-instant-checkout
50. Meta joins with group of companies to tame 'chaos' of doing business with AI bots — CNBC, Oct 6, 2026. https://www.cnbc.com/2026/10/06/meta-joins-companies-to-tame-chaos-of-doing-business-with-ai-bots.html
51. Openbank and Santander Consumer Finance to integrate in Europe, expanding range of products and services to customers — Banco Santander, Oct 15, 2025. https://santander.com/en/press-room/press-releases/2025/10/openbank-and-santander-consumer-finance-to-integrate-in-europe-expanding-range-of-products-and-services-to-customers
52. Santander aims to become big retail bank in US with $12.2 billion Webster deal — Reuters, Feb 3, 2026. https://reuters.com/legal/transactional/santander-buy-webster-financial-122-billion-deal-2026-02-03
53. JPMorgan Chase & Co. Annual Report on Form 10-K for the year ended December 31, 2025 — JPMorgan Chase & Co. (SEC filings), Feb 13, 2026. https://www.sec.gov/Archives/edgar/data/19617/000162828026008131/jpm-20251231.htm
54. Financial report 2026 - January - June — Banco Santander, Jul 21, 2026. https://santander.com/content/dam/santander-com/en/documentos/resultados-trimestrales/2026/q2/rt-q2-2026-banco-santander-financial-report-en.pdf
55. Wise Group plc Annual Report on Form 20-F for the fiscal year ended March 31, 2026 — Wise Group plc via SEC EDGAR, Jun 25, 2026. https://www.sec.gov/Archives/edgar/data/2099039/000119312526282911/d17323d20f.htm

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