Question for Karsten Junge: How will industries and brands change in the coming years?
Only those banks will survive that have a truly focused business model, i.e., that target specific customer groups, specific products or specific sales channels. Like Apo Bank, for example, which targets pharmacists and doctors, or Targobank, which focuses on installment loans. These banks are also already very successful today. Banks that offer everything like a vendor’s tray will have difficulties in the future.
What is the reason for this?
Most of the financial products offered by banks are very similar, they do not help to distinguish the financial institution. Very few people have an emotional attachment to their bank. How should the customer decide?
A bank can differentiate itself either through “convenience,” i.e., special service, clear positioning with intensive brand communication, or through a niche product.
Today, a bank must stand for something and communicate that. But even more importantly, it must also act in such a way that people recognize what it stands for on their own.
How do you help banks make the difference?
My team and I provide support in all three areas:
We help with the strategic direction of the bank and brand positioning.
We design and develop innovative, digital service ideas for banks, and we advise banks on cooperation partners. After all, a bank doesn’t have to do everything on its own, but can also be very successful as a platform: it offers the products that are its core business and opens up its platform to other providers and other products on terms that are favorable to it.