Fideuram—Intesa Sanpaolo Private Banking has launched Fideuram Direct, its new digital investment platform developed with BlackRock, in Luxembourg and Belgium. In this already highly competitive market, the offering is distinguished less by an avalanche of functionalities than by a deliberately simple architecture: start with the essentials, master them perfectly, then gradually enhance them. Francesco Lazzarini, head of direct bank, describes the rationale behind this and how it works in practice.

At this stage, Fideuram Direct allows you to open a digital bank account and invest in an initial range of ETFs. This is not a default choice but a strategic decision. “We want to execute one product perfectly before adding another,” explains Lazzarini. "If you wait until you have a perfect, complete platform, you’ll never launch it. We prefer to launch a solid base and improve it every week or two." The approach, then, is to ensure an ultra-reliable path to buying ETFs, rather than offering a complex range from the outset making it harder for customers to choose, which the group believes is difficult to oversee properly from the outset.

Educational role

The account is opened entirely via the mobile application. The head of direct bank speaks of a process designed to be "simple, fluid and frictionless", in the manner of neo-banks, while maintaining the regulatory requirements specific to asset management. The account combines a traditional banking dimension with an investment area. Once their identity has been verified, customers can deposit funds and then invest in the ETFs on offer. The model is based on autonomy: "A new generation wants to decide for itself where it invests,” he comments. The aim is to build an experience where the customer retains control, while remaining protected by a strict framework and regular information.

Many people think they have to wait for 'the right time' to enter the market. This is a classic mistake.

Francesco Lazzarini, head of direct bank, Intesa Sanpaolo Wealth Management

To guide these first steps, the platform provides content designed to explain the key concepts: market cycles, the benefits of investing early, risk management, reactions to avoid in periods of volatility. Mr Lazzarini insists on this educational role: "Many people think they have to wait for 'the right time' to enter the market. This is a classic mistake. We want to support people as they take their first steps and give them the guidance they need to make the transition from saver to investor, while avoiding market panics. This educational dimension should provide a foundation before the arrival of a wider range of solutions.

"Combining robust tools and human advice"

The collaboration with BlackRock constitutes a technical pillar. The group will progressively draw on some of the American giant’s technological bricks, in particular through its analysis and advisory support architecture. The head of direct banking stresses the advantages of this alliance: "We are going to use some of BlackRock’s technologies, such as Aladdin, to improve the quality of our advice. This means we can combine robust tools with human advice. He points out that the offering will never be 100% automated. The core of the model remains hybrid: a digital interface for day-to-day operations and management, and a human advisor for situations requiring expertise or judgement.

There are some customers we cannot automate. Politically exposed individuals, complex profiles, certain international assets...

Francesco Lazzarini, head of direct bank, Intesa San Paolo Wealth Management

This hybrid dimension marks one of the differences with certain fully automated consumer applications. Mr Lazzarini explains why: "There are some customers that cannot be automated. Politically exposed individuals, complex profiles, certain international assets... These situations require human processing. The aim is not to be an anonymous service but to create a real relationship."

Marc Flammang explains that experience clearly shows that a long-term relationship between a bank and its customer is based first and foremost on trust, which in turn is based on stability, know-how and the human relationship between banker and customer. The aim here is not to offer a platform with anonymous services, but to create real interaction. To this end, new staff have been recruited recently. The promise is to guarantee a stable point of contact for each customer, even in a predominantly digital environment.

Luxembourg, a favourable environment

The range of investments will gradually be extended. The head of direct banking points to the arrival of products offering partial protection, such as buffer ETFs: "They offer a degree of protection that may be useful for conservative clients, for whom the initial stages of investment must be reassuring." This is still a gradual entry logic, allowing cautious savers to move from being mere deposit holders to investors, without being rushed by the volatility of traditional equity markets.

When asked about the choice of starting in Luxembourg and Belgium, Mr Lazzarini emphasises the maturity of the market: "The level of financial knowledge is high, regulatory transparency is strong and digital banking is widespread. It’s a favourable environment for launching a demanding product." He adds that the presence of specialised professionals and major institutional players makes it an ideal learning ground for replicating the model in other countries. For the group, these two markets serve as a laboratory for designing an offering capable of being rolled out on a larger scale.

On quantitative ambitions, the head of direct bank remains extremely measured: "I don’t want to share any KPIs. For me, the most important thing is execution. If we manage to implement the strategy correctly, enhance the services and build a consistent customer base, it will be a success. We’re managing this project like a start-up within a large group. Progress will therefore follow the ability to gradually roll out new services, not an immediate race for size.

Step by step

Fideuram Direct’s overall philosophy is based on three pillars: simplicity, discipline and support. Simplicity through a minimalist but perfectly executed product; discipline through a gradual move upmarket, avoiding hype; support through a combination of technology and human expertise. In a few months’ time, the platform should be enriched, but always in this order: first execute, then extend. "If you wait for the final version, you’ll never launch,” repeats Mr Lazzarini, who sees this incremental mechanics as the key to sustainable adoption.

There are a lot of young people who have savings but don’t dare to invest. We want to enable them to take the first steps in a responsible way.

Francesco Lazzarini, head of direct bank, Intesa Sanpaolo Wealth Management

In practice, therefore, users start by opening an account, depositing their money, choosing an ETF from those on offer and being able to track the progress of their investment in the application. At each stage, educational content and general recommendations are provided to help users make informed decisions, without ever providing automated advice. For a young or cautious audience, the offering is designed to be reassuring and structured, without over-promising. Mr Lazzarini sums up his ambition as follows: "There are a lot of young people who have savings but don’t dare to invest. We want to enable them to take the first steps responsibly."

Fideuram Direct is therefore neither a high-frequency trading platform nor an autonomous robo-advisor. It is a limited but stable entry point to investment, designed to evolve regularly. The group is betting on time and execution rather than an immediate revolution, convinced that digital asset management is built on trust, clarity and rigour.