The retail business is increasingly confronted with a “commoditization” of services. Comparison portals give customers the opportunity to compare standardized banking products in just a few seconds. At the same time, the emotional connection of customers with their bank is decreasing more and more. Instead, the customer experience and the digital customer journey are becoming a decisive purchasing feature.

In order to increase the attractiveness of their service offering, financial institutions need to individualize their offerings more strongly. The digital footprint of their customers helps banks to develop tailored offerings. When realigning their service offering, banks should take their cue from successful models in other industries. Differentiating between a non-priced basic offering and any premium services is one possibility. Premium services can be added on a modular basis and for a limited period of time. For example, an increase in the sum insured of an accident insurance policy can be booked directly on the ski lift. This on-demand availability of products and pay-per-use concepts enhances the customer experience – provided that the transaction can be completed with just a few clicks. Thanks to API interfaces, banks can further expand their offering according to customer needs and, in the next step, integrate third-party providers.