Chiomenti Talks | 24/10/2024

The credit market, with its current trends and future prospects, was the focus of the latest Chiomenti Talks event, held on October 24 at the Auditorium Via Verdi 4 in Milan.

Opening remarks by Gregorio Consoli, Managing Partner, were followed by two panel discussions where financial consulting, banking, and investment professionals provided cross-sectional perspectives on opportunities for investors and the impact of technological innovation in a changing macroeconomic context.

The first discussion, moderated by Salvatore Sardo and Irene Scalzo, Managing Associates, focused on the evolution of the credit market, comparing the traditional banking channel with alternative financing instruments. Giulio Brunetti, Executive Director at J.P. Morgan, provided an overview of recent developments in the SME credit market, outlining the sector's future prospects in relation to potential evolutions of the Securitisation Regulation. He also shared insights on the use of securitization as a financing channel for entities other than credit institutions.

Fabio Panzeri, General Manager of Servicing & Operations at Prelios and CEO of Prelios Credit Servicing, discussed trends likely to shape the credit market in the coming months, and the role that the development of an RPL market might play in transforming the entire industry. Riccardo Gallina, Head of Loan Management & SRT Transactions, IMI CIB Division, Intesa Sanpaolo, offered his perspective on the attractiveness of the credit market for international investors in light of Italian and European regulatory developments, as well as the contribution that external service providers can make to make Stage 2 loans more attractive and manageable.

Lastly, Paola Brambilla, Deputy Head of Italy Financial Institutions Group at Rothschild & Co, focused on the servicer market, highlighting the challenges these entities face in adapting their models to technological innovations and possible developments for smaller servicing companies.

The second panel, moderated by Jasmine Mazza, Senior Associate, centered on innovation and the possible transformation of traditional models through the use of technology. Matteo Luischi, Chief Strategy and Management Officer at Prima Assicurazioni, shared his experience regarding the added value that technology has brought to a traditionally relationship-based insurance sector, emphasizing how innovation is transforming customer expectations.

The payments sector is perhaps where technological evolution has had the most immediate impact. Valentina Finazzo, Chief Compliance Officer of Nexi, highlighted areas where further transformations are expected in the coming years, as well as the use cases likely to attract the most investment, in an environment already heavily oriented towards digital and mobile solutions.

Andrea Correale, Chief Strategy & Financial Officer at Banca AideXa, explained how technology can enable the development of innovative products and create a customer journey designed to meet the immediacy and simplicity needs of small and medium-sized businesses.

One area where technological innovation has had a less significant impact so far is asset management, where the human component remains particularly important. The possible reasons for the limited penetration of technology in this industry were analyzed by Benedetta Volpi, General Counsel at Nextalia SGR S.p.A.