Hi everybody and welcome to In Good Company and today I'm in this particularly good company because I'm here with Andrea O'Sell, who is also called the Ronaldo O Banking.

Now, Andrea has really left his mark on the European banking industry.

He's now the helm of Unicredit and just so many exciting things going on in your business and in your life.

So warm welcome.

Thank you very much. I'm very happy to be here.

What is the biggest challenge that the European banking industry is facing just now?

Scale and transformation. I think they combine.

Scale because without scale, you don't have enough innovation. You don't have enough

ability to invest in technology and in all the things that you should invest to then transform.

And transformation because we tended to look at legacy banks on one side, fintech on the

other side, we looked at them, we didn't consider them, but if you take the next five years,

five, seven years, they're

going to converge.

And therefore, you need to ask yourself, can I offer the same level of client journey,

the same level of client experience with the same level of efficiency and beat them on

what they don't have, which is the clients that we start with, primary clients,

and secondly, the ability to deal with multiple products and complexity.

There's been a focus on having a lot of competition in each country, right?

So ideally the competition authorities have wanted to have, you know,

a lot of local competition in each country.

Is that changing now?

Well, I think local authorities have want local competition and the European Union, the

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