The rabbit-and-egg game between fintechs and retail banks sometimes resembles a telenovela: light entertainment that takes itself quite seriously. Meanwhile, a highly real, almost tectonic shift in the balance of power is taking place in another field – namely wealth management. At least, that’s what a survey of around 100 sales staff in German wealth management conducted by Consileon suggests.
When asked who the sales specialists perceive as a particularly active competitor, an astonishing 35% of respondents named the direct banks. Only then did the savings banks follow with 27% and Commerzbank with 23% – in other words, it’s like asking all the top chefs in a metropolis about their biggest competitors. And the most frequent answer was: the chip shops.