Intesa Sanpaolo’s Customer Decision Extension
Intesa Sanpaolo, Italy’s top bank, has decided to give its customers more time to decide whether to move to its digital service, Isybank, after facing criticism. The bank faced opposition from consumer groups and lawmakers, prompting a reopening of the opt-out window for customers.
Initially, the deadline was September 30th, according to the communication in July. But a recent message to customers extended this timeframe until the end of February. This change follows investigations by Italy’s central bank and the antitrust authority, both looking into the bank’s methods for shifting clients to the digital platform.
Political Support for Customer Choice
Letizia Giorgianni, representing the Brothers of Italy party, applauded this decision, emphasizing the importance of customers having the freedom to choose how their savings are managed.
Isybank, a mobile bank focused on cost-efficiency and cloud-based operations, aligns with Intesa CEO Carlo Messina’s strategy to compete with fintech rivals. The goal is to reduce costs and redirect branch staff efforts toward higher-value services like wealth management and insurance.
However, concerns were raised by the competition watchdog regarding Intesa’s communication approach. Over 2,000 complaints highlighted ambiguity and lack of clarity in the messaging, prompting the regulator to criticize the inadequacy of the communication given the significance of the transition.
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