Thursday’s resolution is a significant setback for Intesa, which has set out to modernize its digital framework and section out its outdated programs in favor of cloud expertise.
Isybank operates as a low-cost cell bank based mostly on cloud expertise and is a vital half of Intesa CEO Carlo Messina’s long-term technique. The technique goals to offset competitors from fintechs and steer Intesa in direction of extra worthwhile sectors equivalent to asset administration and insurance coverage.
According to the antitrust authority AGCM
the present resolution, as a substitute of a compulsory switch, permits account holders to determine: maintain their account with Intesa Sanpaolo or change to Isybank.
At the starting of the month, the authority launched an investigation into Intesa’s buyer switch strategies to Isybank, after the quantity of complaints soared, which has now reached 5 thousand.
Isybank’s aim is to gather 4 million Intesa customers underneath the age of 65 who solely use distant banking providers. The curiosity of the Italian banking group plans to purchase a complete of 1 million new customers by the finish of 2025. The first 300,000 Intesa account holders had been migrated in October, and an extra 2.4 million account holders are deliberate to migrate in early 2024.
Development of the Intesa Sanpaolo trade fee
Cover picture credit score: Emanuele Cremaschi/Getty Images