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Italy's competition watchdog stops Intesa moving clients to mobile bank
(www.reuters.com)
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this post was submitted on 01 Dec 2023
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This is the best summary I could come up with:
MILAN, Nov 30 (Reuters) - Italy's competition authority on Thursday said it had told the country's biggest bank Intesa Sanpaolo (ISP.MI) to halt the proposed transfer of 2.4 million customers to its new mobile-only service Isybank.
The decision is the latest blow to Intesa's efforts to update its digital infrastructure and gradually abandon legacy IT systems in favour of cloud technology.
Italy's AGCM antitrust authority opened a probe earlier this month into the way Intesa was transferring clients to Isybank after a raft of complaints which the watchdog said had now reached 5,000.
Customers have complained that they failed to notice a message from Intesa about the migration in time to opt out of Isybank because it had come into their current accounts' digital inbox during the August holidays.
Intesa customers also complain about not having computer access, but only via their mobile phones, and to have lost the option to create one-off credit card numbers to shop online more safely.
Isybank, a cloud-based, low-cost mobile bank, is a key plank of Messina's long-term strategy to withstand competition from fintech and focus Intesa on more profitable businesses such as wealth management and insurance.
The original article contains 416 words, the summary contains 193 words. Saved 54%. I'm a bot and I'm open source!