Italian Bank Bets On FinTech To Attract ‘Digital Generation’

The Bank of the Emilia-Romagna region is working on a project to create a platform for the provision of financial services using FinTech in order to attract the digital generation of millennials. The development plan of the bank for 2019–2021 envisages an investment of 27 mln euros in IT development and promotion focusing on the target audience of the digital generation.

Among the innovations can be mentioned the capital management of the clients of the private banking business, the promotion of robot consultants. That is the kind of interaction between the software package and the banking consultant — an individual provides who customer services to clients with the fortune from 50 to 250 thousand euros. For more significant amounts of money, the service “robot for a consultant” is provided — in other words, this is an algorithm in the service of a banking consultant — an individual.

However, this is not just about automatic investment management. As part of the FinTech district project in Milan, BPER Bank is developing its own project — “open banking”. It constitutes a system of primary financial services, in particular, a system for transferring payments intended for the digital generation of millennials.

At the same time, the artificial intelligence is being developed. Its initial task is to decongest employees from low value-added banking operations, such as requests for mortgage loans. The use of fintech by the bank will help achieve two goals: to increase income (by 34 mln euros within two years according to the plan) and, most importantly, to reduce expenses (by 121 mln euros).

The strategic goal is to reduce branches and corporate reorganization: currently, the banking group includes five banks, and in 2021 there will be two of them — BPER Banca and Banco di Sardegna.

By Vsevolod Gnetii, Bitnewstoday correspondent in Italy

Image courtesy by Centroilcastello