As part of the agreement, they will first establish what they call a ‘data hub’, in the institute’s campus in Monterrey, which will serve as both a digital laboratory and a center for education.
“This Data Hub will allow us to have in-depth study of specific segments and give new technological solutions to our products for the benefit of our customers,” said Héctor Grisi Checa, Executive President of Banco Santander in Mexico.
To begin with, Banco Santander will work on projects designed to give banking access to women and small and medium entrepreneurs (SME).
“Once this stage is over, we will be in constant collaboration to be able to develop four projects a year,” Checa added, explaining that they will focus on developing digital banking solutions a couple of years down the road.
“Thus, the professors, lecturers and students of Tecnológico de Monterrey will work on important initiatives for the bank that are related to consumer behavior, financial inclusion and banking, investments, and investment scenarios for private banking,” the bank stated.
Another major goal of the partnership is to introduce machine learning and data analytics to Mexican institutes. In a statement, the Spanish bank has also talked of introducing a diploma in data science.
Banco Santander has a similar agreement with the Monterrey institute to train students in computer programming and app development.