Mediolanum, Doris: 'M&A? An opportunity to attract customers'

"Be different', to be different. This was the simple and direct slogan with which Banca Mediolanum's annual convention opened today in Turin: a concept that CEO Massimo Doris anticipated to journalists, explaining that 'in a world like that of savings, where many operators specialise in different fields, standing out is necessary and tends to identify the company'.

Doris, who will close the convention at the Inalpi Arena on Tuesday afternoon, illustrated the essential points at the basis of the distinction of the group he leads and on which he is relying to face the challenges of competition. Since its inception, it has been characterised by the idea of covering all customer needs: "We deal with finance, banking, credit, protection and welfare at the same time," explained Doris, broadening the scope of what he defines as 'holistic' consultancy, i.e. capable of managing through the figure of the family banker not only investments, but also the emotions of customers, especially in complex family contexts.

"On the basis of Assoreti data for the first quarter, we have 18% of the total savings deposits in Italia, but when we look at mortgages disbursed by financial advisors we rise to 66%, loans are at 59%, and for policies we even reach 99%," recalled the CEO, citing figures that underline the completeness of Banca Mediolanum's offer and thus its differentiation from the competition.

Doris certainly does not see this as a threat in the fervent merger and acquisition activity that pervades the industry, from which he ideally steers clear, at least for the time being. On the contrary, he paradoxically sees it as an opportunity, in the short term, because 'mergers are complex processes that can create inconvenience for the customers of the banks involved, for example in terms of changing platforms, and offer Banca Mediolanum the opportunity to attract dissatisfied customers'.

He also does not fear increased competition from the outcome of these operations "since we have broad enough shoulders to be able to deal with competitors even larger than us, as we have demonstrated with constant growth since the 1980s", while he looks with due respect and the necessary attention, but not with awe, at new players in digital finance such as Revolut. "The objective," Doris stressed, "is to learn what these platforms do well in terms of efficiency and technology, and then integrate those aspects that are consistent with Banca Mediolanum's model and mission.