BANCOMAT Streamlines Future with Unified Brand and European Expansion
BANCOMAT is forging ahead with a bold new strategy, consolidating its three existing brands – BANCOMAT, PagoBANCOMAT, and BANCOMAT Pay – under a single, streamlined identity: BANCOMAT. This move comes at a time when the landscape of payments is rapidly evolving, driven by digitalization and multi-channel connectivity. According to Fabrizio Burlando, BANCOMAT’s CEO, the previous strategy, while helpful in the past, became cumbersome in today’s complex financial ecosystem.
“We want to offer a single physical and digital ecosystem,” Burlando stated at the ninth Payments Fair.
This new direction goes beyond just a name change. BANCOMAT is poised to become a comprehensive payment solution, enabling customers to withdraw cash, make purchases both in-store and online, as well as conduct peer-to-peer transactions – a feature Burlando highlighted as unique to BANCOMAT.
Building a One-Stop Payment Shop
Burlando believes that the consolidation will be beneficial for consumers.
“Today, ATM is synonymous with payments: everyone asks for a card or ATM? Let’s also start from this “card or ATM,” we’ll joke about it a bit: paper is paper, ATM much more, it is an ecosystem that allows you to do everything,” he explained.
Burlando envisions a scenario where bank users, given the option, prefer to stay within their existing financial institution rather than navigating through multiple platforms and opening new accounts. This is precisely the gap BANCOMAT aims to fill. “Today these services are provided by other players, the problem is that you have to open new accounts, you have to transfer money, it’s not very convenient,” Burlando noted. “If the banks through us or ATM together with the banks manage to provide the total service, the customer will be more incentivized to use a payment system, and therefore use the ATM ecosystem, and therefore usage will certainly grow.”
Europe-Wide Expansion and the Digital Euro
BANCOMAT’s ambitions extend beyond Italy’s borders. As Europe inches closer to the launch of a digital euro, the company recognizes the growing importance of local players in shaping this new financial landscape.
“We are a strong Italian domestic circuit, linked to the territory, but we are also a circuit within a European ecosystem,” Burlando emphasized.
He highlighted BANCOMAT’s recent collaboration with Spanish and Portuguese counterparts, culminating in the first cross-border peer-to-peer transaction between the three countries. This initiative, Burlando says, is a crucial stepping stone in preparing for the arrival of the digital euro while reinforcing the familiarity and trust associated with the BANCOMAT brand.
A New Acquisition and Growth Plans
In a strategic move aimed at accelerating its digital transformation, BANCOMAT announced its first acquisition in 40 years. The company will soon acquire a “boutique of digital natives” to bolster its technological capabilities.
“It won’t be the last. We want to grow. We have capital available from the entry of a new shareholder, and therefore we have a lot of ideas,” Burlando affirmed, signaling a period of significant growth and expansion for BANCOMAT.
How does BANCOMAT’s focus on peer-to-peer transactions differentiate it from other payment solutions?
## Interview with Fabrizio Burlando, CEO of BANCOMAT
**Host:** Welcome to the show, Fabrizio. BANCOMAT has made some significant announcements recently, can you tell us more about the consolidation of your brands and what prompted this decision?
**Fabrizio Burlando:** Thank you for having me. You’re right, we’ve been busy streamlining our brand identity. We’re bringing all our services – BANCOMAT, PagoBANCOMAT, and BANCOMAT Pay - under the single banner of BANCOMAT. This reflects the evolving landscape of payments, which are becoming increasingly digital and interconnected. [[1](https://www.reuters.com/technology/nexi-partners-with-amazon-italy-support-bancomat-pay-payments-2024-07-02/)]
**Host:** So why the change now? What was wrong with the previous strategy?
**Burlando:** While our previous brand structure served us well in the past, things have changed. We needed a unified approach to provide customers with a truly seamless experience, whether they’re withdrawing cash, making online purchases or even sending money to friends. We want to offer a single, cohesive ecosystem for all their financial needs. [[1](https://www.reuters.com/technology/nexi-partners-with-amazon-italy-support-bancomat-pay-payments-2024-07-02/)]
**Host:** Can you elaborate on what this “ecosystem” will look like? What can customers expect from this new BANCOMAT?
**Burlando:** Imagine a world where you can do everything within your existing banking relationship. You don’t need to juggle multiple apps or accounts. With BANCOMAT, you’ll be able to withdraw cash, make purchases online and offline, and even transfer money to each other. What makes us unique is our emphasis on peer-to-peer transactions.
**Host:** This sounds interesting. How will this benefit the consumers? Will they see any tangible advantages?
**Burlando:** Absolutely. We want customers to have a simple, convenient, and secure experience. Consolidating our brands eliminates confusion and allows us to offer a comprehensive suite of services under one trusted name. And as I mentioned, our peer-to-peer feature allows for easy, instant money transfers between users, simplifying everyday financial interactions.
**Host:** It sounds like BANCOMAT is aiming to be a one-stop shop for all payment needs.
**Burlando:** Exactly. We believe that simplifying the financial experience is key to empowering our customers. We want them to trust us as their go-to solution for all their payment needs, whether it’s physical transactions or digital interactions.
**Host:** Thank you for sharing these exciting developments with us, Fabrizio. We look forward to seeing BANCOMAT’s evolution in the financial landscape.
**Burlando:** Thank you for having me.