(Finance) – Intesa Sanpaolo identified in Thought Machinea UK-based core banking technology company, the ideal partner to bring its new platform to life digital banking. The investment of 40 million pounds that Intesa Sanpaolo has decided to make, thus participating in the company’s growth path, gives greater significance to the partnership.
Isybank, the new digital banking platform of Intesa Sanpaolo, a qualifying project of the recently presented 2022-2025 Business Plan, will therefore be able to make use of Vault, the core banking engine of Thought Machine. Initially, Isybank aims to serve – with a wide range of digital banking services – the 4 million Intesa Sanpaolo retail customers in Italy who do not use the branch network, at the same time obtaining a structural reduction in costs for the group. The Bank plans investments for the development and growth of Isybank 650 million euros in the plan arc.
Intesa Sanpaolo also expressed its intention to extend Thought Machine’s core banking platform to the Group’s broader infrastructure – thanks to the replacement of mainframe-based core technology with the transition to cloud infrastructure – while continuing to invest heavily in the Bank’s digital transformation. with a significant investment program in Information Technology equal to 5 billion euros and with a commitment that will involve 4,000 people among new hires
of particularly specific profiles and professional reconversions. Vault was chosen for its flexibility in serving customers operating in different currencies and different countries, with the announced intention of the Bank to extend the role of Thought Machine to other customer segments, beyond mass-market retail banking, both in Italy. than abroad.
Carlo Messina, Managing Director and CEO of Intesa Sanpaolo, commented: “With the new business plan we intend to face the fintech challenge even more decisively. For this reason, one of Intesa Sanpaolo’s main projects for the years to come is the creation and development of Isybank, the new bank initially dedicated to those 4 million customers who already today primarily use our digital offer. This choice changes perspective, modifying the perception of the market and customers towards us: from the role of incumbent, which we had up to now, we will move on to playing the part of the challenger. We have embarked on this path by choosing a partner of absolute international standing such as Thought Machine: the cutting-edge technologies and solutions made available to us will allow us to prepare a complete digital service model of absolute excellence. Thanks to a partnership of this level, we will also be able to invest even more significantly in the technological capacity of the core bank Intesa Sanpaolo. The strong conviction of having in Thought Machine the ideal partner in the transformation process has led us to invest in the company: we will thus be part of their growth path “.
Paul Taylor, founder and CEO of Thought Machine, said: “To complement the work done with Tier 1 banks around the world, we are now proud to announce that the largest Italian bank and a leading European financial institution will adopt Thought technology. Machine in its new digital bank. With Intesa Sanpaolo as an investor in the business, we have forged a relationship that will see our technology enter further into the bank’s broader portfolio, playing a central role in providing advanced digital services and experiences reserved for the bank’s vast customer base in Italy and beyond. “.