Italian banking major Intesa Sanpaolo has selected Thought Machine, a core banking technology firm, to power its new digital banking platform.
Concurrently, Intesa Sanpaolo has made a £40m investment in Thought Machine.
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The Italian bank announced plans to launch its digital banking platform, called Isybank, as part of its 2022-2025 business plan, which was announced last week.
The partnership will see Intesa Sanpaolo leveraging Thought Machine’s core banking engine Vault to power Isybank.
Initially, Isybank will target four million retail customers of Intesa Sanpaolo in Italy by offering a range of digital banking, while cutting structural costs.
The lender also plans to integrate Thought Machine’s core banking platform into its wider infrastructure as part of its digital transformation plans.
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By GlobalDataIntesa Sanpaolo CEO Carlo Messina said: “Our new business plan aims to take the fintech challenge head-on. This is why we decided to create a new entirely-digital bank to serve our younger retail customers, who prefer not to use branches and don’t require the same in-person service that our exclusive, affluent and private multichannel clients do.
“This new digital bank will evolve our retail business from incumbent to fintech challenger in the mass market, with the option to expand internationally. We chose Thought Machine as our partner due to its international standing as a fintech innovator”
Thought Machine founder and CEO Paul Taylor said: “Complementing the work we have done with Tier 1 banks around the world, we are now proud to announce that Italy’s largest bank, and one of Europe’s leading financial institutions, will adopt Thought Machine’s technology into its new digital bank.
“With Intesa Sanpaolo becoming an investor into the business, we have formed a relationship which will see our technology go further into the wider bank’s portfolio – having a central role to play in delivering enhanced digital services and experiences for the bank’s extensive customer base in Italy and beyond.”
Intesa Sanpaolo also plans to return €22bn to shareholders by 2025 through cash dividends and share a buyback of €3.4bn this year.
