Financial Services

Is blockchain the end of banks and insurance companies as we know them? 

No. Blockchain alone is certainly not. Nevertheless, traditional banks and insurance companies struggle much harder than before. Digitalization is bringing a multitude of new, sometimes international, competitors in all business areas. Customer demands are changing dramatically. Interest rates have been at a low level for many years.

Digitalization can help banks to serve their customers cheaper and simultaneously better than ever before. At the same time, banks must learn new methods to significantly increase the speed of their product and service development.

Selected Issues

Product Development and Innovation

In typical corporations, product development takes several years. As a result, R&D often ignores frequently changing customer needs and desires, and new competitors have developed something much better more quickly. Traditional banks and insurance companies can learn a lot from Fintech start-ups. New methods enable product development in much shorter periods of time, and they involve the customer much earlier and more strongly. If you combine your strengths, such as existing customer relationships, with innovative culture and methods, you will benefit from digitalization.


We need to talk about the Blockchain, even if it has not yet turned the financial world upside down. Blockchain is a technology that makes it possible to carry out and document transactions of all kinds fully automatically, securely and inalterably. This means that one can actually save the intermediary of the transaction in the middle, often banks. In combination with artificial intelligence, insurance contracts can also be concluded automatically using blockchain.This means that you have to deal with which parts of your business model are endangered by these technologies and, above all, how you can use them yourself to develop and improve the experience of your customers.

Omnichannel Customer Experience

Banks have to redesign their branches to represent the combination of intelligent technology and personal service. The branch can be used much more for more value-adding services, while simple transactions take place via mobile phone and the internet to save costs. Thereby, the app or website should seamlessly offer the customer consultation appointments for certain activities, so that complex and high-quality activities are personally accompanied by the consultant. By integrating channels in this way, the client feels personally and individually advised.