isybank is a new digital retail bank announced by Intesa Sanpaolo and part of the bank’s 2022-2025 Strategic Plan.
Why did Intesa Sanpaolo create isybank?
Intesa Sanpaolo decided to create isybank to serve the 4 million customers of the Group who never go to a branch. These customers generate about 200 million euros in revenues, but the current brick-and-mortar service model makes them incredibly expensive, with a cost/income ratio of 100%.
These 4 million customers are actually digital-oriented. The CEO of the Intesa Sanpaolo Group, Carlo Messina, affirmed that they didn't use to go to the branch also before the Covid-19 pandemic. We are talking about 4 million customers that are already so digital that they could easily abandon the Bank for a digital bank, or a fintech alternative, in the near future.
They need a brand new, dedicated service model. And this is why isybank is being created.
Cloud-native, Fintech-powered
The bank will run on a cloud-native digital platform, developed in partnership with the fintech Thought Machine, to service customers through a mobile app, a phone contact center, the network of Mooney partner convenience stores, and the Intesa Sanpaolo Group's ATM network.
These highly automated, or fully independent, channels will serve a variety of basic needs and operations, including cash deposit and withdrawals at Mooney points and/or automated teller machines.
Isybank will also adopt a digital commercial strategy: all sale paths will be based on digital channels and be powered by a yet to be better defined "AI Sales". Customers will still have access to branches and sales agents if they need more information or consultancy about a product or service.
From 2024: isybank, phase 2
From 2024 isybank will extend its technological infrastructure and reach to other customer segments and other markets.
The isybank model and technology is to be extended to other private customers, such as Affluents. New customers will also be acquired through a network of partners, Mooney and Enel X are already onboard, and the development of joint services, for example in electric mobility.
The isybank platform will also be used to address the “highly digital” customers of other European banks of the Group, with the same front-end digital core banking system.
