Santander Consumer Finance is one of the leading consumer finance companies in Europe. It is headquartered in Spain, with offices in 15 European countries, and has a loan portfolio of over EUR 34 billion. Santander has 130,000 point-of-sale partners and employs more than 4,500 people. It offers a variety of financial solutions, including loans, mortgages, and consumer credit.
The firm aims to grow globally while maintaining its leading position in Spain. To reach this goal, Santander is investing in new products and services to remain competitive. Offering personalized credit and banking options, such as savings, is a high-risk proposition, so Santander needs to diversify into other areas to spread the risks. In addition, different markets can have different reactions to global market happenings.
In addition to providing inaccurate information to CRAs, Santander made several mistakes in furnishing information about consumers’ consumer loans. This included not providing accurate balances and obligation information. It also failed to establish reasonable written policies and procedures. Consequently, consumers were at risk of losing their credit and access to credit because of these errors.
Santander Consumer Finance is a full-service consumer finance company that provides financing through its dealership network. OneSpan, a white-label auto finance solution, provides the lender with e-signature capabilities. Through this, dealers can increase the speed of sales by providing customers with fast and convenient finance options.