Financial Times
Italy’s competition watchdog has ordered Intesa Sanpaolo, the country’s largest lender, to stop migrating customers to its new online service Isybank after receiving more than 5,000 complaints this month from account holders that were shifted without their consent. The Rome-based regulator said on Thursday that it wanted customers to “be put in the condition of choosing whether to keep an account in Intesa Sanpaolo at previous conditions or shift to Isybank”. Isybank, which was launched in June, is Intesa’s latest rollout of a cloud-based service, a key pillar of the lender’s strategy to fend off competition from online services and fintech groups, and Intesa hopes to transfer millions of customers across.
