Italian international banking group Intesa Sanpaolo has chosen UK-based core banking technology company Thought Machine to power its new digital banking platform.
Alongside this partnership, Intesa Sanpaolo has invested £40 million in Thought Machine to be part of the company’s growth story.
Intesa Sanpaolo has selected Thought Machine’s central banking engine, Vault, to power Isybank, its new digital banking platform recently announced as part of the group’s 2022-2025 business plan.
Isybank will initially target 4 million Intesa Sanpaolo retail customers in Italy with a wide range of digital banking services, while driving structural cost reduction for the group.
Intesa Sanpaolo has also signaled its intention to extend Thought Machine’s core banking platform to the group’s wider infrastructure as it continues to invest heavily in the bank’s digital transformation, replacing core technology based on the mainframe and moving to cloud infrastructure.
Intesa Sanpaolo said Vault was chosen for its flexibility in serving multi-currency and multi-country customers – with plans to expand Thought Machine’s role into other customer segments beyond consumer retail banking, both in Italy and internationally.
Intesa Sanpaolo has approximately 13.5 million customers in Italy, served through its digital and traditional channels, and 7.1 million customers abroad, where it is present with banking subsidiaries operating in commercial banking in 12 countries in Central and Eastern Europe and Egypt, as well as with an international network specializing in supporting corporate clients in 25 countries.
Carlo Messina, CEO of Intesa Sanpaolo, said:
“This new digital bank will evolve our retail business from an incumbent to a mass-market fintech challenger, with the opportunity to expand internationally. We chose Thought Machine as our partner because of its international position as a than a fintech innovator.
We believe so strongly that Thought Machine is the right partner for this transformation that we are also announcing our investment in the company to be part of its growth story.
Paul Taylor, founder and CEO of Thought Machine, 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 be adopting Thought’s technology. Machine in its new digital bank.
With Intesa Sanpaolo becoming an investor in the business, we have formed a relationship that will see our technology become more integrated 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.”