Palantir, a provider of AI systems, has announced it has renewed its partnership with UniCredit. The extension will see the companies partner for another five years. The partnership will see UniCredit deploy the Palantir Foundry operating system to accelerate the bank’s digital transformation and help increase revenue and mitigate risks.
Palantir and UniCredit first partnered in 2018 as the bank sought technology that could streamline sales spanning jurisdictions, better operationalise machine learning and artificial intelligence, enforce policy compliance, and enhance decision making on the front lines. The bank chose Palantir Foundry as the operating system for the enterprise, leveraging a single, open and integrated platform across entities and business lines and enabling synergies across the Group.
Palantir Foundry continues to generate value
Palantir Foundry has recently been extended to all CE&EE UniCredit Legal Entities and will now be used to manage strategic use cases all over the Group.
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This year UniCredit Romania agreed to a merger with Alpha Bank. This merger resulted in the formation of the third-largest bank in Romania. This comes after Andrea Orcel took over as UniCredit CEO in 2021. Since then UniCredit has gone on to achieve a huge improvement in its fiscal gross and share price.
In the last 5 years, Palantir Foundry has generated considerable value for both UniCredit’s control functions and its commercial banking operations, driving process efficiencies and improving campaign management. For example, UniCredit noted that over the course of 2023, advanced analytics and propensity models in Foundry helped the bank generate a four-fold increase in customer redemption of protection products through better targeting.
Palantir executive Josh Harris spoke positively about the extension of the deal. He said: “Palantir has long been a proud partner to some of the world’s top financial institutions. We’re honoured that UniCredit has placed its confidence in Palantir once again and look forward to furthering the bank’s digital transformation.”
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By GlobalData
