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Intesa Sanpaolo implements IdenTrust to expand identity management —yields 223% ROI
Independent audit quantifies value of IdenTrust solution in helping Intesa Sanpaolo achieve a more flexible, cost-effective identity authentication capability to enhance its growth and profitability
Thoughtware Worldwide conducted an extensive analysis of Intesa Sanpaolo’s investment in the IdenTrust Trust Infrastructure, which revealed a projected internal rate of return (IRR) of 76% over five years, payback within one year and an estimated savings of € 4.7 million (US$6.9 million1) over five years. In addition, Intesa Sanpaolo, with market capital of more than € 68 billion (~US$100 billion), is positioned to deliver a range of high-value benefits to its Corporate and Small and Medium
Enterprise (SME) customers, including:
• Globally accepted standards for authenticating and validating identities
• Globally enforceable contracts
• Limited liability and non-repudiation
• Straight-Through Processing (STP) opportunities, which eliminate the need for wet
signatures and the fragmented processes and increased costs associated with them
• Single solution that meets both in-country (CNIPA compliant, the Italian standard) and
• Cross-border capability through an interoperable solution governed by internationally
recognized and compliant legal, policy and operational standards
Streamlined Administration, Strengthened Security
Intesa Sanpaolo, with a network of more than 6,100 branches in Italy and 1,200 branches abroad, was created in 2007 through the merger of Banca Intesa and San Paolo IMI. As part of Intesa Sanpaolo’s strategy to expand services and drive improved efficiencies by consolidating processes and systems across the new enterprise, it is standardizing on the IdenTrust platform for identity authentication. Both Banca Intesa and San Paolo IMI were among the first banks in Italy to adopt IdenTrust solutions, inspired by the promise of added valued and efficiency using secure digital signatures as an enabler for online banking applications.
Intesa Sanpaolo will ensure consistency in its security operations as well as reduce recurring and IT hardware and software costs by standardizing on the IdenTrust platform, which provides a legally interoperable infrastructure for validating bank-issued identities worldwide and delivers scalability and global interoperability.
Projected cost savings include:
• 70% Reduction in External Consultation and Administrative Costs — with the consolidated solution, Intesa Sanpaolo will realize savings in external consultation and a decrease in administration expenses
• Reduced Subscription Fees and Operational Costs — increased efficiencies,
streamlined compliance and economies of scale will contribute to subscription fee
savings. Over 15% of the overall savings are derived from reduced software and
Foundation for New Opportunities
Standardization on IdenTrust also supports the bank’s strategy to improve the customer
experience by strengthening security and offering innovative e-Banking services at lower costs with greater efficiency and capabilities for the customer. IdenTrust’s cross-border interoperability is critical for compliance and to the bank’s plans to offer global capabilities and services by providing comprehensive solutions that meet both in-country and international needs. The organization will also leverage IdenTrust’s expertise in e-Banking applications to accelerate its goal of STP, embedding digital signatures in its core processes to increase trust, efficiency and value.
Strategic benefits include:
• Flexible platform to launch new applications and capabilities that can replace wet
signatures and foster STP internally as well as for customers (e.g., the European-wide
initiative for e-Invoicing)
• Ability to wrap identity credentials into core bank services, moving beyond identity
authentication as a stand-alone solution to an integrated financing and transaction
business that drives growth
• Opportunity to focus on financing solutions that require identity credentials as a
standard (lending, e-invoicing, contracts) to increase security and drive STP
“If we offer a solution that is fully automated and can encourage clients to use an electronic banking platform with digital signatures, we can help to move the market toward great acceptance. Digital signatures, in turn, are a fundamental requirement for STP,” said Silvia Bianchi, Head of Cash Management, Intesa Sanpaolo. “In analyzing Intesa Sanpaolo’ results, we believe the benefits realized are very much about three key themes — consolidation, global standards, and interoperability — all at a lower operating cost. We believe Intesa Sanpaolo’ results illustrate what is possible when banks look at what challenges customers face and how to simplify processes with real-world solutions that deliver concrete value for all. For Intesa Sanpaolo, incorporating the IdenTrust Trust Infrastructure as part of their business capabilities is critical to achieving their end-game of STP,” said Timothy Guyre, Managing Director, Thoughtware Worldwide, LLC.
To view the comprehensive Intesa Sanpaolo ROI study by Thoughtware Worldwide, LLC, please visit http://www.ThoughtwareWorldwide.com/
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Thoughtware Worldwide delivers credible, comprehensive research and analysis that gives clients and their customers the means to make sound and insightful business decisions in today's volatile economic climate. Thoughtware Worldwide works with companies around the globe to audit and understand the value realized from their investment decisions.