Intesa Sanpaolo has invested €650m in a new digital bank in a bid to compete with fintech, target international growth and reduce costs.
The move is a key element of Intesa Sanpaolo’s 2022-2025 Business Plan, which has allocated €5bn towards technology and growth – €650m of which is for the new Isybank.
The person charged with the responsibility of Intesa Sanpaolo’s digital transformation is Massimo Proverbio, Group Chief IT Digital and Innovation Officer.
“We are moving from a traditional bank to an omnichannel solution, with 30% of our sales done digitally,” says Proverbio. “We are now at the level of maturity where we are starting to think as a digital challenger to fintech and not as an incumbent. And Isybank is going in that direction.”