Intesa Sanpaolo, Italy’s biggest lender, is investing in British banking software maker Thought Machine after picking its application to run Intesa’s new digital bank, reported Reuters.
Under a four-year strategy it unveiled on Feb. 4, Intesa will launch Isybank, a digital-only service targeting 4 million customers under 40 who do not visit branches, costing Intesa more than they yield in revenues.
The digital push will allow it to close 1,050 branches in the next four years and save around 800 million euros ($905 million) a year from 2026, up from 600 million euros in 2025.
Isybank will be powered by Thought Machine’s Vault core banking engine, Intesa said, adding it was investing 40 million pounds ($54 million) in the British fintech firm.
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.
