MILAN (ITALY) – Enel of Italy is all set to become the bellwether among Europe’s big utilities to initiate digital banking services this month. It will allow customers to open a current account with a debit card enabling them to pay power bills and access a basket of other services.
The biggest utility in Europe, Enel is viewing payment and open banking services such as wealth management and insurance as growth opportunities as it bolsters digitalisation across its networks and businesses.
This move comes in the wake of energy firms across the globe investing billions in bringing out digital networks to enable them to run their businesses more efficiently and provide their customers new services in their homes and on their phones.
Enel X Financial Services, part of the utility’s digital solutions division Enel X, will introduce a new application later this month to enable 30 million Italian customers pay their bills from Enel accounts or using debit cards, Enel X head Francesco Venturini said.
Gradually, it will extend this service to more than 70 million customers around the world and will tie up with other specialist provider partners, including digital asset manager Eculidea to offer services like asset management and insurance.
“Our aim is to head off rival competition in the electronic payment sector and to compete in financial services too,” Venturini said.