Santander banks on cloud storage for corporate clients

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Santander has announced that it will offer cloud storage services to its corporate clients, a move that will make them the first global bank to do so.

The bank recently invested £230 million in building a Leicester data centre, with the announcement to offer cloud storage appearing to be part of an ongoing strategy within the bank to fight of big tech groups and rival banks in order to develop its market offering.

Speaking to the Financial Times, Ana Botín, chairman of Santander, said: "As I think how am I going to compete with all these new technology players, I can offer the same services as some of these big guys."

The move by Santander may be designed to capitalise on a lack of trust placed by consumers in technology companies, following numerous data leaks in recent years. The message appears to be that if you can trust us with your money, you can trust us with your data and services.

"As a small business or private individual customer, where you lodge your information is something you should think about," said Ms Botín. "One of the things that banks have is trust and resilience and as you know with all the cyber risk that is incredibly important."

The proposals highlight how seriously banks are taking the threat posed by new technologies and technology firms expanding into financial markets.

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