Company: BCDRF
Filing Date: 2025-02-28
Form Type: 20-F
Source: 0000891478-25-000054
Chunk: 508

Company: Banco Santander, S.A.
Filing Date: 2025-02-28
Form: 20-F
Chunk 508
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 customer journeys. Continue enhancing our digital capabilities to drive engagement and digital sales. Also, continue implementing our new branch and Work Café model that provides enhanced capabilities for personal advisory and support to our customers.

• Operational leverage. Continue to streamline processes and promote lean organizational structures to drive efficiency, accuracy and speed. Develop the key role of artificial intelligence in automating operations, resulting in faster transaction processing, reduced operational tasks and efficiencies in cost to serve.

• Global technology platform. Deploy our Global Platform to deliver best-in-class solutions and reduce the cost per transaction, promoting efficiency and innovation across the Group. Continue to converge all units towards the global platform with focusing on rolling out: Gravity, our award-winning back-end technology, which will increase the number of transactions it processes while reducing the cost per technical transaction and ODS, our proprietary cloud-based front-end technology which enables a superior digital experience, global products and faster time to market.

Additionally, as part of our business model transformation, we will deepen our focus on value creation through stronger customer relationships and network effects.

• Build strong customer relationships and consolidate our position as their trusted financial partner through a tailored approach to our core segments (individuals, SMEs and commercial banking).

• Leverage our competitive position to better serve our customers, taking advantage of the network effect provided by the Group’s global business structure.

Executing the transformation of our operating and business models across our footprint to pave the way for structural savings and cost-to-serve efficiencies , and support value creation for our shareholders.

| Customer experience                      |     | Operational leverage                       |     | Global platform                                                          |
| Best digital productsandnew branch model |     | Process automation and leaner organization |     | Proprietary back-end(Gravity) andcloud based front-end(ODS) technologies |

Annual report 2024 485

| Contents |     | Business model and strategy |     | Sustainability statement |     | Corporate governance |     | Economic and financial review |     | Riskmanagement and compliance |

| Consumer                                                                                                         |     | Our priorities for 2025 are to:                                                                                                                                            
 →Converge towards global platformsand continue transforming our operating model, automating key processes and gaining efficiencies and providing best customer experience. 
 →Grow and consolidate partnershipswith our partners, offering solutions with a better digital experience.                                                                  
 →Promote the network effectthrough a complete product offering to our customers, leveraging the Group's capabilities.                                                      
 →Continuegathering customer depositsto lower funding costs and reduce net interest income volatility across the cycle, to be able to