The growing energy crisis put an emphasis on the development of novel efficient energy conversion and storage systems. Here we show that surface modification of cobalt by a fast galvanic displacement with rhodium significantly affects the activity towards hydrogen (HER) and oxygen evolution reactions (OER) in alkaline media. After only 20 s of galvanic displacement, the HER overpotential is reduced by 0.16 V and OER overpotential by 0.06 V. This means that the predicted water splitting voltage is reduced from 2.03 V (clean Co anode and cathode) to 1.81 V at 10 mA cm−2 (Rh-exchanged Co electrode). During the galvanic displacement process, the surface roughness of the Co electrode does not suffer significant changes, which suggests an increase in the intrinsic catalytic activity. Density Functional Theory calculations show that the reactivity of the Rh-modified Co(0001) surface is modified compared to that of the clean Co(0001). In the case of HER, experimentally observed activity improvements are directly correlated to the weakening of the hydrogen-surface bond, confirming the beneficial role of Rh incorporation into the Co surface. Graphical abstract: [Figure not available: see fulltext.].