Eruptive markets: 2 reasons for the new order of the banking landscape

01.04.2021
Dirk Ziems

Eruptive markets: 2 reasons for the new order of the banking landscape

When did you last go to a bank counter or talk to your banking consultant? Are interactions decreasing? There’s probably a reason for that...

1) Banking transactions via app

New FinTech businesses like PayPal or Square are driving the eruption of the finance industry. These businesses mainly assist dealers in cashless or contactless payments. However, they also go further and allow end customers to make transactions or to invest in cryptocurrencies. Other financial services are currently being developed.

2) The rise of cryptocurrencies

Not too long ago, cryptocurrencies, like Bitcoin or Ethereum, had a tarnished image. They were often associated with money laundering or illegal operations. But today, even central banks are looking into the new opportunities. Tesla and other businesses have already invested in Bitcoin and other cryptocurrencies. A recent auction at Christie’s reveals the extent of this trend: a few weeks ago, a digital artwork was sold as an NFT for over 60 million dollars. The buyer paid exclusively in Ethereum.

To put it in a nutshell: The vision of carrying out “all banking transactions via app” and participating in the “success of new cryptocurrencies” are making the traditional banking landscape obsolete. The new FinTech businesses are even planning to offer business loans and deposit products as part of their services.

Our research on financial services has shown that one of the central psychological motives in the quality of the relation to the bank is ‘independence and respect’. Up until now, the personal contact to the banking consultant has fulfilled this need (caring principle). If FinTechs keep on pushing into the market with their apps, this important connection will disappear. Consumers will then be able to take their individual wishes for independent financial security and stable growth into their “own” hands.

For further questions please contact:

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Thomas Ebenfeld
Co-Founder and Shareholder

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Rochus Winkler
Co-Founder and Shareholder

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Dirk Ziems
Co-Founder and Shareholder

Dirk Ziems
Dirk Ziems ist Experte für tiefenpsychologisches Marketing und berät auf Basis von Markt-, Medien- und Kulturforschung weltweit Unternehmen und Konzerne in zahlreichen Branchen und Ländern. Als Mitbegründer der Global Research Boutique Concept M und der Marketingberatung Flying Elephant begleitet er Themen wie die Adaption von Erfolgsprodukten in neuen kulturellen Kontexten, das tiefe Verständnis neuer Konsumgenerationen in China und USA, die Transformation der Werbekommunikation in der neuen digitalen Medienwelt oder die Neuorientierung der Brands in Post-Corona-Zeiten. Dirk Ziems ist auch als Gastdozent an verschiedenen Universitäten tätig.
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