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Moonrise2473 ,

I really don’t see where are the short or long term savings for them

Short term: customers are pissed. The only reason they still had a 30 euro per month Intesa San Paolo bank account was that changing the IBAN everywhere is an hassle. ING direct gives the same stuff for free but the thought of the many forms and calls to change it, let them stay hooked. Now they got a new IBAN. Also, no more physical bank access. They lost the only reason to stick with them. Can move to ING and get the same but for 360 euro less each year.

Long term: customers migrated somewhere else and pay the fees to the competition

autotldr Bot ,

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!

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