Banco Santander Portugal has set a target to generate over €1 billion in business value from artificial intelligence between now and 2028, marking a significant expansion of AI tools across its operations and reshaping how customers interact with their bank.
The Spanish-owned banking group, which operates extensively across Portugal, is rolling out AI tools to all 185,000 employees globally this week—a significant expansion from the 40,000 workers who previously had access. The institution has already logged €35 M in AI-generated business value in the first quarter of 2026 alone and expects to surpass €200 M by year-end as automation systems scale across operations.
Why This Matters
• Branch efficiency: Self-service AI voice systems will handle 40% of card-related calls, improving response times and freeing staff for more complex customer needs.
• Fraud protection: AI models now process 100,000 money-laundering alerts annually at Openbank, completing investigations in minutes rather than hours.
• Job transformation: The banking sector faces workforce restructuring as automation technologies expand. Industry analysts suggest significant shifts in job distribution across financial services globally.
• Cybersecurity risk: The European Central Bank has warned all eurozone banks, including those in Portugal, to prepare for AI-assisted cyberattacks and to strengthen AI governance frameworks.
What This Means for Bank Customers in Portugal
For everyday users of Santander Portugal and its digital subsidiary Openbank, the changes are already visible. The institution is deploying conversational AI across telephone support channels, designed to resolve routine queries without human intervention. The target: 240,000 calls annually handled entirely through automated systems.
The technology is being adapted for Spanish and Portuguese markets, with interactions designed to feel natural rather than robotic. Customers calling about card disputes, balance inquiries, or transaction issues will increasingly speak to AI agents trained to understand regional dialects and banking terminology specific to Portugal.
Behind the scenes, the transformation is significant. In Brazil—a market with parallels to Portugal's digital banking adoption rate—Santander's AI systems have accelerated fraud complaint processing with substantially reduced processing times and high automation rates. If implemented similarly in Portugal, this could mean faster resolution of card fraud claims.
The Workforce and Implementation Strategy
Ricardo Martín Manjón, Santander's Chief Data & AI Officer, frames the shift as empowerment rather than replacement. "Being AI-first means helping people integrate AI into their daily work," he stated in an international briefing. The bank is launching mandatory AI training for all staff in 2026, focusing on responsible use and validating AI-generated results.
The scale of this transformation is substantial. As of June 2026, 40% of all code at Santander is now written by AI, with 17,000 developers using AI-assisted programming tools. The bank operates more than 280 automated process agents handling tasks in credit assessment, fraud detection, and customer onboarding.
Financial institutions across Europe are investing heavily in AI capabilities. BBVA, another Spanish institution, has launched a transformation roadmap focusing on trust and governance. HSBC has made generative AI its largest technology investment, while Commerzbank and BNP Paribas have announced substantial AI integration plans. These developments reflect broader industry trends toward automation and efficiency gains across the banking sector.
Labor unions and regulatory bodies in Portugal are monitoring workforce implications closely, with particular attention to how AI implementations affect employment levels and worker protections.
Cybersecurity and Regulatory Framework
The European Central Bank has taken a direct stance on AI risks, with Vice President Frank Elderson sending formal guidance to bank CEOs across the eurozone. The concern centers on AI-powered security threats that can identify system vulnerabilities more quickly than traditional attack methods.
The Bank of Portugal emphasized in its supervisory reports that AI integration demands stronger internal governance, control, and accountability frameworks. As banks deploy AI for decision-making—from loan approvals to fraud detection—the responsibility for those decisions must remain clearly assigned to human overseers.
Under the EU AI Act, approved in March 2024, banks must meet AI security standards to maintain regulatory compliance. The Bank of Portugal will integrate these rules into its oversight operations, with particular scrutiny for institutions deploying AI in high-risk decision-making contexts.
What Comes Next for Portugal's Banking Landscape
For residents, the practical implications will unfold gradually. Santander Portugal customers can expect faster fraud resolution, more sophisticated financial advice through digital channels, and potentially competitive pricing as efficiency gains develop. The trade-off: fewer human interactions at branches and call centers.
Job seekers in Portugal's financial sector should note industry demand for roles emphasizing AI literacy, cybersecurity expertise, and complex problem-solving—skills that complement rather than compete with automation.
Santander's plan to reach 210 million customers by 2028 suggests the bank believes AI-driven efficiency will enable expansion. For Portugal's economy, this could mean sustained access to credit and financial services even as service delivery models evolve.
The €200 M milestone Santander expects to hit by December 2026 will serve as an early indicator of whether AI investments deliver measurable returns. With regulators watching closely and the banking sector adjusting operational models, the next two years will be critical in determining how Portugal's banking sector implements AI technology.
