The private banking division of Italy’s Mediobanca Group has launched several new portfolio management products that are in line with the current economic environment.
During the twelve months, Compass, Mediobanca’s consumer banking division, has further reinforced its multi-channel distribution platform, strengthening its geographical footprint with the opening of 15 new POS for a total of 246, 65 of which are run by agents, plus the 57 Compass Quinto POS (specializing in the sale of salarybacked finance products). At end-June 2022 the company employed 90 agents.
Priority continues to be given to strengthening the digital channels which have been responsible for 27% of the volumes of personal loans generated by the direct channel, with more than 80% of applications for finance processed in one day. Digital innovation activity has continued, both in terms of strengthening the existing digital channels (personal loans channelled via the internet totalled approx. €650m) and of developing the BNPL business (Buy Now Pay Later) in the form of proprietary solution Pagolight, which granted almost €70m in loans in 12M, generating revenues of approx. €5m.
Compass is also in the process of finalizing the acquisition of some distinctive players in the BNPL segment. These acquisitions will enable Compass to expand both client base and geographical diversification, and to improve technology and commercial standards still further: by combining Compass’s risk management capabilities with the selected fintech partners’ flexibility in terms of technology innovation.
