Fineco keeps technology in-house to manage AI costs and operational risk

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Fineco in-house AI strategy

Highlights

Fineco adopts a hybrid technology infrastructure, combining selective cloud use with in-house AI development and open-source models to control costs and operational risk.
Chief executive Alessandro Foti says the hybrid model reduces Fineco's exposure to supplier pricing power and ensures greater operational resilience compared to a cloud-only approach.
Fineco reports a 26% rise in new clients and a 51% increase in acquisition pace for H1, targeting €200 billion annual wealth transfers from younger Italians over the next 15 years.

Hybrid infrastructure supports AI strategy

As reported by Reuters, Fineco says it combines external cloud services with internally managed technology to support its expanding use of AI while keeping tighter control over costs and operational resilience.

Chief executive Alessandro Foti says the bank keeps critical components in-house wherever possible, while using cloud services selectively. He says Fineco develops and trains AI agents, builds its own knowledge base and then replaces third-party proprietary models with open-source alternatives hosted on-premise.

Foti says a cloud-only model also creates financial risks because technology costs rise alongside usage and growth. He says the hybrid setup gives Fineco greater control over its operations and reduces exposure to the pricing power of suppliers.

Competition and wealth trends shape growth outlook

Fineco links its technology model to a broader push for scalable growth in Italian financial services, where trust remains central to winning savings and investment business. Foti says there is a clear difference between offering payment services and managing household wealth, arguing that building confidence with savers takes time.

His comments come as Revolut says this month it has become Italy's fifth largest bank by number of clients. Foti says Fineco has been through a similar trust-building process and now grows three times faster than the sector in private banking more than two decades after its launch.

Fineco says new clients rise 26% in the first half of the year, while the pace of acquisition increases 51%. Foti says the bank's pricing model resonates with younger Italians who are expected to inherit about 200 billion euros a year over the next 15 years, in an economy where income growth has stalled and value-for-money considerations are becoming more important.

We previously reported on the Bank of England’s push for banks to develop “bare metal” cyber-recovery systems that can keep critical services running if primary technology is compromised. The report highlighted regulators’ concerns that AI is increasing the scale and complexity of cyber attacks, prompting lenders to plan end-to-end recovery options alongside basic cyber hygiene.

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