Intesa Sanpaolo, the largest bank in Italy, has told staff that they will be able to try out its new Isybank digital banking app from March 1.
The app has been developed with UK-based FinTech Thought Machine, with Reuters spotting internal documentation which shows an internal trial will start next month. Reuters reports that the trial will initially include staff before being expanded in due course.
Intesa previously announced plans to invest €5 billion in technology, with €650 million of that going towards the creation of a new digital bank. The new digital bank Isybank will serve 4 million customers which Intesa intends to migrate to its online and mobile banking services, with a focus placed on acquiring younger customers under 40.
Isybank, Intesa said, would cut operating costs by €600 million in 2025 and €800 million from 2026-27.
The bank and FinTech have agreed a five-year partnership, with Intesa becoming one of Thought Machine’s largest clients. Thought Machine will supply Intesa with cloud infrastructure for the new venture and the bank has said that it would consider adopting the cloud for its entire core banking technology infrastructure in the future.
Italy has to date struggled to shift to digital banking, and cash is far more prominent in the country than in other western European nations.
Isybank’s board will be led by Antonio Valitutti, who previously led Banca Sella-owned challenger bank Hype. The executive was poached in March 2022, while Claudia Vassena will oversee the sales and marketing digital retail department.
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