Digital banking comes to Italian corporate banks
While Italian retail banks embraced digitalization some time ago, corporate banks are only now coming to terms with digital.
Launched in February 2022, b-ilty’s digital banking platform includes a whole range of services for small businesses:
- Account opening
- Streamlined loan applications
- Simplified customer signing processes
- Efficient cash account management
- Access to essential working capital facilities
- Seamless accounting and reporting.
Companies have a comprehensive view of all their assets and can access their financial metrics in a matter of seconds.
“Small businesses are able to focus on important business-critical tasks, rather than on time-consuming paper-based banking processes,” says the European Investment Bank’s Stasi.
b-ility’s digital bank reach in southern Italy
The favourable conditions of the European Investment Bank loan to b-ilty are passed on to small businesses:
- 30% of the resources will benefit small companies in EU cohesion regions (in particular Molise, Campania, Puglia, Basilicata, Calabria, Sicily, Sardinia, Abruzzo, Umbria and Marche)
- 20% of the funds will be dedicated to investments by small businesses that produce green energy, reduce greenhouse gases emissions, and improve energy efficiency.
“For us that’s a great way to help a European regional bank grow and to foster more green finance for smaller projects,” says Tatiana Bosteels, the European Investment Bank economist working on the deal. “We would like to engage in a long-term relationship with b-ilty to finance more and larger climate action projects in the future."
Digital bank with a human result
According to The European Small Business Finance Outlook 2022, small companies accounted for 99.8% of all non-financial enterprises and 64.4% of total jobs in 2021.
It’s crucial to tap the enormous potential of small businesses. So illimity doesn’t just loan them money, but actively participates in their growth strategies. b-ilty focuses on the needs of the historically underserved one million small businesses in Italy.
b-ilty can provide support to various businesses across Italy, without the overheads created by physical branches. The platform can quickly analyse dozens of indicators, providing clear credit answers to small entrepreneurs.
“Within a few days a company will know whether it’s entitled to get a loan or not, and why,” says Tzindzade. Within three or four weeks, a company will be able to use the bank account that it opened in 30 minutes, instead of the 30 days it takes with a traditional corporate bank.
“We like doing nice, good things and doing them fast,” says Passera.