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.
Product Development and Innovation
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.
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.