Intesa Sanpaolo chooses Thought Machine to create its new digital banking platform: Isybank one of the pillars of the new 2022-2025 strategic plan. To strengthen this collaboration the investment of 40 million pounds that the group led by Carlo Messina has decided to make, to become part of the growth path of the core banking technology company based in London.
The bank for those who do not go to the bank will be able to use Vault, Thought Machine's core banking engine, chosen for its flexibility to serve clients operating in different currencies and different countries. Isybank's initial objective is to serve – with a wide range of digital banking services – its 4 million retail customers in Italy who do not use the branch network, while generating a structural reduction in costs for the banking institution. For its development and growth, the bank plans investments of 650 million euros over the course of the plan.
Furthermore, Intesa Sanpaolo has expressed its intention to extend the Thought Machine core banking platform to the wider infrastructure of the group – thanks to a new service model for private customers which will use the cloud technologies, artificial intelligence e fintech. The banking institution intends to implement a complete digital transformation that does not eliminate physical branches but inserts them into a multi-channel offer, through a significant investment program in Information Technology equal to 5 billion euros and with a commitment that will involve 4 thousand people including new professional recruitment and reconversion.
Among its clients, the British company counts JPMorgan Chase, Lloyds Banking Group and Standard Chartered. The company has raised more than $340 million in funding, with a valuation exceeding $XNUMX billion.
