Intesa Sanpaolo embarked on its 2022-2025 Business Plan with an ambition to modernise its technology, enhance customer experience, and reduce costs strategically, leveraging its strengths and people to provide excellent returns for shareholders both in the short and medium-long term.
Intesa Sanpaolo has unveiled isybank, a fully digital banking platform powered by Vault Core, designed specifically for digitally native customers. This launch is a key part of Intesa's 2022-2025 Business Plan, which includes a strategic cost reduction enabled by technological advancements. Additionally, the bank is optimising its operational footprint and renewing its workforce, among other initiatives. These efforts aim to generate approximately €2 billion in cost savings, supported by a substantial investment of €5 billion in technology and growth.
Intesa Sanpaolo selected Thought Machine to be its technology partner in 2022 and deliver on a mission of building isybank to service the four million plus Intesa Sanpaolo customers who rarely, if ever, use physical bank branches and are more accustomed to digital self-service channels.
Isybank launched publicly in June 2023 and offers innovative banking features and three account plans within its mobile app while retaining human touchpoints for customer service.
Intesa Sanpaolo, partnering with Thought Machine, has successfully brought its digital banking vision to life with the launch of isybank, which is now live on Vault Core. This collaboration has enabled isybank to migrate 300,000 customers, with plans to transition more customers to the platform by early 2024. This achievement is a testament to the robust, self-service, and future-configurable technology provided by Thought Machine, which integrates seamlessly into the bank’s broader technology stack.
The rapid deployment of isybank within 12 months is partly attributed to Vault Core's flexibility and power, facilitating quick product testing and deployment. This swift progress also extends to seamless integration with leading vendors and the effective partnership between Thought Machine’s client services team and Intesa Sanpaolo’s in-house technology experts.
Furthermore, Intesa Sanpaolo's comprehensive cloud strategy, including a key partnership with Google Cloud, has been instrumental. This approach has minimised upfront costs, enhanced agility, and enabled rapid deployment, significantly contributing to the project's success.
Isybank offers features such as digital cards, cardless withdrawals, SEPA credit transfers, bill payment options, and tiered account plans, all accessible within minutes through its app. This launch marks a milestone in Intesa Sanpaolo's digital transformation journey and sets a new standard in customer-centric banking services.
