Extrabanca, the boutique bank created to serve immigrants living in Italy Qorus Banking Innovation Awards 2013

Founded in 2010, Extrabanca is the first bank in Italy – and one of a very few that exist elsewhere - aimed specifically at serving mainly foreign citizens living in Italy and the businesses they run. In fact Extrabanca comes to light to offer universal banking services to a multiplicity of communities, with an undifferentiated approach, founding this service model on the conviction that all the foreign communities share a common dream of a lifetime: to be able to integrate and establish himself in the country chosen for a new citizenship. An absolutely significant “market”, with growth rates exceeding all other clientele segments and with financial needs still to be thoroughly understood and properly addressed by the traditional retail banks. These are the business idea main drivers together with the social impact related to the integration and the financial inclusion active role. Here it is, from the client, from the strategic desire to make it unique, to invest in the understanding of his needs, listening to him, dedicating much time to him, in other words investing in the contact and in the relation that induces the origin of Extrabanca service model. No deviation to this approach is permitted and all choices, including personnel selection, commercial processes, sales team organization and our branches are aimed at maximizing the contact and attention to a client that is not traditionally prime and therefore deserving of a differentiated approach and unparalleled service. Customers and stakeholders are strongly supporting the project: after the “test phase” the bank recently concluded a capital increase to roll out its business model through Italy.