UBI Banca offers digital salary backed loans with FinLeap
UBI Banca, Italy’s fifth largest bank, has partnered with FinLeap Connect, the software provider arm of Berlin-based fintech builder, FinLeap.
The bank is entering into the partnership through its subsidiary Prestitalia. The subsidiary focuses on financing – specifically loans for employees and retirees.
Prestitalia will use FinLeap’s technology to launch a digital channel for obtaining salary backed loans.
The new digital channel, called “Prestifatto.it”, will allow public and state employees – as well as pensioners – to apply for loans online.
The platform has an online calculator where the user can select the desired number of monthly instalments and the loan duration.
Loan quotes via the platform will be free and generate “in a few seconds”. Users can then enter their details and scan “a few documents” to apply for the loan.
Users can start the application digitally and finish it off in a branch.
The bank says the platform will help reduce costs, acquire new customers, boost retention and establish a loyal sales network.
UBI says Prestitalia has a 10% share of its market in Italy, which covers salary backed loans and payment delegation.
The subsidiary has been around for roughly 20 years.
“With Prestifatto.it, we want to offer concrete support to Italian households,” UBI’s marketing manager, Natascia Noveri, said in a statement.
Noveri added that “salary backed loan[s] [with] advantageous and transparent conditions” will help in the country’s next phase of recovery.
Potential acquisition by Intesa Sanpaolo
In February, Intesa announced its €4.9 billion bid for UBI. The bid could see UBI subsumed into the larger consolidation play happening in the Italian banking industry.
The bank said its acquisition of UBI would create the euro zone’s seventh-largest banking group.
Intesa is still waiting on a final decision from Italy’s antitrust authority. The regulator fears the growing dominance of Intesa could negatively impact competition.