Italian banks must invest more in technology, central bank says

ROME, May 31 (Reuters) - Larger Italian banks are falling behind their European counterparts in technology investments, the Bank of Italy stated on Friday, urging lenders to increase their spending to foster innovation in financial services.

Current State of Investments

Since 2017, Italian banks have quadrupled their investments in innovative technology. However, these investments are still considered limited, according to Bank of Italy Governor Fabio Panetta, who spoke during the presentation of the central bank's annual report.

“They need to grow: it would be a serious mistake to continue to fall behind in this area,” Panetta emphasized. He noted that banks with a stronger digital presence are better positioned to diversify revenues and expand their market share in lending.

Investment Plans by Major Banks

Intesa Sanpaolo (ISP.MI): Italy’s largest bank plans to spend 5 billion euros ($5.4 billion) on technology between 2022 and 2025. This includes transitioning to a cloud-based core banking IT system, which has already been successfully tested at a new digital bank.  

UniCredit: Italy’s second-largest bank, which outsourced its IT infrastructure a decade ago, targets tech spending at 2.8 billion euros for the period of 2022-2024.

For comparison, in 2019, Spain’s largest bank, Banco Santander (SAN.MC), announced plans to invest around 20 billion euros in digital and technology.

Regulatory Oversight and Cybersecurity Concerns

The Bank of Italy has intensified its monitoring of IT outsourcing contracts, including on-site inspections. Panetta highlighted a significant increase in serious cyber incidents reported by financial institutions last year, emphasizing that the financial sector is an attractive target due to its reliance on digital data and procedures. He also noted that geopolitical tensions and actions by nation states heighten cyber risks.

Benefits of Technology Investment

The Bank of Italy underscored that technology is crucial for driving cost savings and reducing service charges for customers, with the cost of online accounts being, on average, 60% of the cost of traditional accounts. However, Panetta stressed that banks must also leverage technology to enhance service quality and offer better products to improve their reputation and client relationships, which he described as their most valuable assets.

Exchange Rate

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