Banca Finint, specialized in investment banking and asset management at the service of corporate companies and financial institutions, has launched Finint Online, an escrow account for entrepreneurs and individuals. The Finint Online deposit account has a minimum collection target of $60 million (€50 million) by 2021, which implies 2,000 customer deposits.
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The new product offers four constraint options
Giovanni Perissinotto, CEO of Banca Finint (who will become Vice President as of January 1st, 2021), said: “The increase in liquidity in bank deposits is part of a context in which consumption is slowing down due to the pandemic. To reverse the trend and restart consumption, there are several tools that can be put in place, primarily savings management. It is in this context that we have decided to offer businesses and families the Finint Online escrow deposit, a simple tool to allow our customers to make use of the liquidity completely online, in simplicity and security, with an attractive return. With the deposit, we complete the retail offer of Banca Finint which, associated with the world of asset management, makes us one of the most interesting banks for those who need corporate finance or to manage their assets but who, at the same time, want to make use of their savings.”
The new product, which can only be activated online, offers four constraint options (involving the unavailability of the amounts paid in): 12, 18, 24 and 36 months, which correspond to increasing interest rates, from 1% to 1.6%. Once the time constraint is activated, the interest will be paid every six months, directly to the Finint Online current account. The minimum investment amount is $12,000 (€10,000) and the maximum amount is $600,000 (€500,000). The only expense on the deposit account is the stamp duty of 0.2%, required by law.
The deposit account is intended for individuals of legal age and resident in Italy
The new account can also be accessed by those who are not clients of Banca Finint, by opening the Finint Online ad hoc support account. The latter offers a monthly fee of zero, unlimited transactions, free online transfers, free periodic online reporting. The only expense that involves is the stamp duty, required by law in case of average stock of more than $6,000 (€5,000). Once you have access to the deposit account, you will be able to choose multiple deposits, with different dates and expiration dates, as well as renew the deposit at maturity.
The Finint Online deposit account allows the bank to: diversify the sources of liquidity (with the retail channel less volatile than the institutional one); it responds to the clientele’s need for online products; it makes up for the limited presence of branches, being accessible exclusively via the web. The deposit account will also act as a forerunner for new Banca Finint online products. Banca Finint used to collect funds through German fintech Raisin. “Now the proprietary collection channel allows us to expand the number of private customers and to manage them directly from a commercial point of view, opening the doors to upselling, cross-selling and direct management of customer satisfaction,” said Enrico Baccichetto, marketing manager of Banca Finint, adding that “the Finint Online escrow account is not just a new product, but a new way to relate to customers through the online channel. The latter will allow us to expand our range of products and services and to manage more and more remotely the activities concerning private customers and companies, which are our main target”.
From January 1st, 2021 Fabio Innocenzi will be the new CEO of Banca Finint, while the current CEO Giovanni Perissinotto will assume the role of Vice President (see other BeBeez article). In recent weeks, Banca Finint has merged three wholly-owned subsidiaries into the parent company: Securitisation Services, market leader in the management and monitoring of securitization, covered bond and structured finance operations; Finint Corporate Advisors, partners of SMEs, large industrial groups, and institutional investors in extraordinary finance operations; Fisg srl, specialized in structured finance operations. The merger will not concern Finint Investments sgr, in which the parent company will maintain direct participation. “The restructuring was not conducted for reasons of efficiency, but to better offer the products and services requested by customers,” concluded Perissinotto.
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First published in Be Beez, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.
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