UniCredit (CRDI.MI), the Italy-based pan-European commercial bank, announced it is sharpening its Buddybank mobile services to ease the planned transition to a digital, cloud-based banking infrastructure. This comes in the wake of a growing demand for digital-centred banking, especially among the younger generations.
UniCredit beefs up Buddybank mobile app for digital banking
At present, traditional banks use mainframes with outdated programming languages. Not only does this create potential technological pitfalls, but it also makes it a challenge to hire younger employees who are qualified and equipped with recent knowledge and experience.
Approximately 410,000 customers, who are mostly new to UniCredit, use the Buddybank service. All the institution’s clients will now have the option to switch over to Buddy R-Evolution, which hosts all the bank’s services and products, including loans.
The app also features extras such as real advisory services. Reuters reported that Andrea Orcel, UniCredit’s chief executive officer, said at a press conference that up to now, there were two banks, but this digital transformation is unifying products and services.
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Although UniCredit topped quarterly analyst predictions and increased its revenue prospects for the rest of the year, the company did not manage to improve on its 2023 profits or shareholder guidance. The bank’s customers can simply download the Buddy R-Evolution app to access their existing account.
It seems UniCredit learned from its competitor’s mistakes. Earlier this month, Intesa Sanpaolo (ISP.MI), which is also embarking on more digitised approaches, changed client banking details when moving them over to its cloud-based mobile bank.
