Numerous mergers resulted in UniCredit Bank’s formation in 1998. In 1999, the company began its expansion across Europe. Today, it’s a global banking group with core markets in Italy, Germany, Austria, Switzerland, Luxembourg, Bulgaria, Hungary, Croatia, the Czech Republic, Slovakia, Slovenia, and Romania. The UniCredit Group’s network is, however, much larger. There are international banking centers in New York City, London, Hong Kong, Singapore, Tokyo, and Shanghai. In August 2022, UniCredit had a market cap of US$ 20.68 billion (#835 by market capitalization in the world).
UniCredit is a traditional bank with a large network of branches and ATMs. There are over 2,000 offices in Italy alone. Though UniCredit, like all classic banks, is undergoing digital transformation to remain competitive. While slowly reducing brick-and-mortar operations, the bank focuses more on online and mobile banking, constantly improving its platforms. As part of our UniCredit review, we will take a closer look at its mobile app to find out how advanced and functional it is.
UniCredit app review
The UniCredit app is available in every country where it operates. The group also offers mobile banking for companies and a news and research app. Though, our review focused specifically on UniCredit’s Italian banking app, since the company’s headquarters is in Milan.
UniCredit mobile app (Google Play)
Category: Finance, Banking
Released: Nov 5, 2019
Current version: 3.38.0
Latest update: Apr 12, 2023
Downloads: over 5 million
Rating: 4.2
The latest update improved the app’s performance and speed.
Onboarding
UniCredit’s current account opening process is similar to that of most Italian banks. Typically, one has to visit a UniCredit branch in person to open one. The “My Genius Green” accounts, however, can be created online. To do this, customers must visit Uni’s official website and fill out a standard form: ID number, address, phone number, etc. Also, users must submit a selfie and photo or video of their ID to verify their identity. After obtaining all the credentials, it’s possible to log in to the app.
Services
UniCredit offers three types of current accounts: Conto di Base, My Genius, and My Genius Green. Conto di Base is a basic account with a monthly fee of €4. My Genius (€4/month) is a customized account that offers a bit more possibilities and services. For an extra fee, one can get a Gold and a Platinum My Genius card (€26/month) that allows withdrawals without limitations, an international debit card, etc. My Genius Green is an online current account that is fee-free and can be managed entirely online. The company also offers a biodegradable eco-friendly card to customers with My Genius Green accounts.
Each plan has its rates and benefits. However, all customers have equal access to all banking services and UniCredit app functions:
- Cardless cash withdrawals
- Bank accounts aggregation
- Apple Pay / Google Pay / Samsung Pay
- Instant transactions with the BANCOMAT Pay® service
- Scheduled bill payments
- QR scan & pay function (bill payments, check deposits, etc.)
- Account statistics
- Money management tools
- Investment tools and financial advice
- E-documents archive
- Mastercard card controls (freeze/unfreeze, specific payment blocks, etc.)
- Branch / ATM locator
The UniCredit ATM network offers commission-free cash withdrawals to all customers. There are, however, different withdrawal limits depending on the account type. My Genius Platinum cardholders, for instance, have unlimited fee-free withdrawals. Basic account holders, meanwhile, have only 12 no-charge withdrawals per month.
Design & Usability
In addition to sleek backgrounds and responsive buttons, the app boasts a handful of advanced features. There are account statistics and budgeting tools with comprehensive graphs and charts, QR-code payment functions, and more. Moreover, the app has an English version as well. However, many users complain that it lacks intuitivity. Our team agrees with this complaint. For example, it’s not always obvious when and how to use the Mobile token feature. Further, it’s not that easy to find the information about the transactions on each card separately. The customer must first find the Products menu, then select “Cards”. Only then can they view all the transactions for each card. There is also a lot of room for improvement in the English translation.
Reliability & Security
UniCredit Bank complies with all the EU cyber-security and banking regulations. Deposits up to 100,000 euros are protected by the regulated guarantee fund. Mobile and online banking are highly secure. A 600 million euro fine for a data breach in 2017 seems to have taught UniCredit a lesson. The current UniCredit is a cloud-native platform that applies authentication among all components and integrates all advanced security technologies—AI fraud detection, multifactor authentication, push notifications, and session timeouts.
Moreover, UniCredit is now a member of the ECUC (European Cloud User Coalition), an organization that aims to ensure and facilitate secure cloud applications for the European financial industry. This means that UniCredit is at the forefront of developing and implementing digital security measures in Europe. 2017’s hard lessons pay off dividends in 2022.
Support
Customers can contact UniCredit’s customer service through several channels. First of all, there is a phone hotline. Secondly, there is an in-app support chat. Thirdly, customers can schedule an appointment with the bank’s representatives via the Ubook feature. It is also possible to get assistance from English-speaking managers. It should have been sufficient to provide decent support. The number of complaints about customer service and branch managers, however, is staggering. Clients are unhappy with the waiting times and the staff’s incompetence.
Our verdict
4.0 stars out of 5. UniCredit offers a full range of traditional banking services as well as advanced digital tools for managing money efficiently. There are, however, many complaints about app stability, customer service, and excessive charges, resulting in an average rating.
What we like about UniCredit:
- Moderate fees for current accounts
- Free cash withdrawals at UniCredit ATMs
- Money management tools
- Investment tools
- Bank accounts aggregation
- Cardless cash withdrawals
- Instant payments
- Apple Pay / Google Pay / Samsung Pay
- Scheduled bill payments
- Instant check deposits and payments via QR-codes
- Branch / ATM locator
- English version of the app
What we dislike about UniCredit:
- High fees for certain transactions and withdrawals
- To open an account, customers may need to visit a bank’s branch first
- Counter-intuitive app navigation
- Customer service needs improvements
Why UniCredit?
UniCredit is one of the leading European commercial banks, offering all traditional banking services. With a strong rating and fully compliant with all European and global regulations, it has a very positive outlook. Also, UniCredit demonstrates how fintech innovations and traditional European banking can work well together. One can easily manage finances with this bank’s advanced app and a large network of ATMs and branches.
Value for customers:
UniCredit’s current accounts are relatively easy to open if one has valid Italian documents. No minimum deposit is required. Fees are moderate. Moreover, the My Genius Green plan is completely free of charge. Customers can enjoy the latest fintech features on Uni’s app and manage their money online. Yet, it’s always possible to find a branch nearby if there is a need. Furthermore, UniCredit’s mobile and website applications speak English, making the service easier to access and understand for expats all over the country.
Value for partnering businesses:
UniCredit works with many reputable companies, including J.P. Morgan, Goldman Sachs, Allianz, etc. However, our research shows that the group is less willing to partner with smaller brands, banks, and fintechs. We were unable to find any Uni partnership opportunities in Italy. Meanwhile, Uni’s branch in Bulgaria actively invites various retailers and brands to collaborate. Bulgarian companies, thus, can promote their brands by offering rewards or discounts to Uni’s clientele.
While conducting our UniCredit review, we also discovered that the bank supports various social welfare programs. For example, UniCredit launched “Together4Digital”, an initiative aimed at speeding up digital transformations by mid-sized Italian companies.
