In the usual economic and social evolution, every now and then, there are jerks in which the speed increases dramatically. Today seems like one of those moments: technological innovations are linked to economic and financial requests and tend to follow paths that point towards all forms of disintermediation of society.
The new cutting-edge platforms speak of replacing financial intermediaries such as banks or brokers, or insurance companies, with software commonly supported, for example, on the Ethereum blockchain, which would automate market activity.
Distant future? Maybe not. Just look at the cover of the latest September issue of The Economist,, which title Down the rabbit hole. The promise and perils of decentralized finance (Down the rabbit hole. The promise and dangers of decentralized finance).
The news of the announced closure of the bank branch of Vitolini (a hilly hamlet in the municipality of Vinci in the province of Florence) by Intesa goes precisely (even if conceptually different) in this direction of disintermediation also of the local territories: it is only a few years ago that the idea and fact of the number of branches in a bank was, after all, its real added value and, consequently, trading took place at extremely high prices.
Vitolini's bank
The history of the bank in Vitolini is traced in a recently published book of mine: History of the Cooperative Bank of Capraia Montelupo and Vitolini. A Tuscan territorial bank and the local economy in the time of globalization. Introduction by Giulio Sapelli.
This story unfolds throughout the entire twentieth century, with the long chain that passes from its establishment to the merger with Capraia and Montelupo (two neighboring municipalities in the province of Florence) and then to the subsequent sale to Popolare dell'Etruria and from this, in lastly, due to the well-known bankruptcy events, to Intesa.
From this perspective, if from the point of view of the income statement the need to rationalize Intesa's costs is well understood, doubts remain about the direction that the public vision of the territory seems to be taking: the capital accumulated for a century must have a some reason to still be represented, beyond the impersonal bond of the ever greater distance between the head and the economic body.
The centrality of the territories
The territories must survive and prosper, and banking services are a necessary condition: it would be important that, in a form to be found, the banking licenses (which permit the activity and the relative earnings) also contained a the obligation of service for fractions and more marginal territories. Perhaps in combination with postal services, municipalities, access to networks and digital needs. The wealth of a country necessarily passes through civic wealth.
From this point of view, even the legislative and supervisory thrust seems to underestimate the need, the need, the need, to have territorial banks together with the larger and international ones: yet the economic fabric of Italy is still made up mainly of small and medium-sized enterprises, artisans, sole proprietorships, families, who must have a fiduciary relationship with the local bank, because they were born and raised there and because, let's not forget, they supply the raw material for savings to the banking system.
Gini index on banking concentration
On the other hand, the trend, just look at the ECB regulation imposed on banks, which basically does not distinguish between small and large and imposes management costs that are impossible for the former, even if the collective risk they represent is significantly lower, pushes so that many banks disappear every year territorial.
If we calculated today, compared to a few years ago, the Gini index on banking concentration, it would approach one, riskily for freedom and economic opportunity (1). What then is the healthy equilibrium point of the number of banks in the area?
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Paul Marcucci he carried out all his work experience in the banking world. He has been a speaker at conferences/meetings of an economic nature, lectured at university masters on risk management. For 10 years he was city councilor and then councilor for culture and industry of the municipality of Montelupo Fiorentino. Always interested in local history and economy, he has published various books and studies on this subject.
