Artificial intelligence (AI) systems provider Palantir Technologies has renewed its digital transformation partnership with Italian banking group UniCredit for another five years.
Under the extended collaboration, UniCredit will deploy the Palantir Foundry operating system to expedite its digital transformation while boosting revenue and mitigating risks.
The partnership between the companies began in 2018. The intent has been to help the Italian bank with the technology that could optimise sales spanning jurisdictions, effectively operationalise machine learning and AI, manage policy compliance, and improve decision making on the front lines.
UniCredit selected the Palantir Foundry operating system as it utilises a single, open, and integrated platform across entities and business lines in order to enable synergies across the group.
Palantir Foundry has recently been extended to all Central and Eastern Europe (CE&EE) legal entities of UniCredit. It will be employed to manage strategic use cases throughout the entire group.
According to Palantir Technologies, Palantir Foundry has yielded considerable value for both UniCredit’s control functions and its commercial banking operations in the past five years.
The system is said to have driven efficiencies and improved campaign management for UniCredit.
Palantir Technologies executive Josh Harris said: “Palantir has long been a proud partner to some of the world’s top financial institutions. We’re honoured that UniCredit has placed its confidence in Palantir once again and look forward to furthering the bank’s digital transformation.”
Last month, UniCredit invested in embedded lending provider Banxware as part of the fintech’s latest equity round. Based in Germany, Banxware is currently enabling 30 platforms in the country and the Netherlands to offer financing to their business customers.
