With the introduction of the digital bank, the Intesa Sanpaolo Group is entering the ring with financial technology companies
The Intesa Sanpaolo Group has launched a digital banking platform called Isybank as part of its new business plan, which includes an investment of € 5 billion in digitizing its future, which could challenge financial technology companies.
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The Intesa Sanpaolo Group has invested € 650 million in a new digital bank to compete with financial technology companies, boost international growth and cut costs.
The move is a key element of Intesa Sanpaolo’s 2022-2025 business plan, which has invested € 5 billion in technology and growth, of which € 650 million has been allocated to the new digital bank Isybank.
The implementation of the digital transformation was entrusted to Massimo Proverbiu, Director of Digital Business and Information Technology Innovation at the Intesa Sanpaolo Group.
“Digitalization is an opportunity to change the way we interact with the client. These are simple solutions and easy interaction with the user. “
In addition to competing with financial technology companies, the key goals of the Isybank platform are to change the business model of the Italian bank, stimulate international growth and create a new platform for all private clients of the banking group.
The Intesa Sanpaolo Group has chosen Thought Machine, a UK banking information technology technology provider, to set up its new service. Isybank will initially target more than four million customers of the group who prefer to use digital channels rather than visit branches. The goal is to gradually introduce Thought Machine’s cloud infrastructure to provide services to the remaining nine million Italian retail customers of the Intesa Sanpaolo Group, who will remain loyal to the old brand.
As a result, the Intesa Sanpaolo Group is replacing its core computer-based technology with cloud infrastructure and is investing € 5 billion in digital transformation, which includes the employment and retraining of 4,000 people.
The key elements of the digital transformation of the Intesa Sanpaolo Group are machine learning and artificial intelligence (AI). Placing technology at the heart of Intesa Sanpaolo’s new business plan is helping to attract new people, which will further boost business.
“Change is the driving force behind our business,” says Proverbio. “When the new plan was released, the level of enthusiasm in our organization was fantastic and Carlo Messina, CEO of Intesa Sanpaolo, said we were here to build the bank for the next 20 years.”