Open finance portals will soon be vying with German and Swiss banks, providing a vast range of online financial services from just one customized platform.
A confusing multitude of very similar portal types defines Germany’s personal financial portal market, according to a recent report by Forit Internet Research, the Research Center Deutschland of Forrester Research. In most cases, the products and services on offer are restricted to a firm’s own products.
“By using Open Finance portals, financial services customers will no longer need to access many different web sites to manage their personal finances,” said Forit analyst Nastasja Senn. “Instead, consumers will be able to compare services offered by a wide range of providers, accessing them from just one platform customized to their needs and preferences – the Open Finance portal.”
“Suppliers of financial services will have to decide whether they want to concentrate on creating products or on interacting with customers,” Senn continued. “Their success will not depend on the expansion of their own product line but on their ability to present their own range successfully in combination with those of others.
“A single portal supplier cannot cover all areas such as information, advice, transactions, and forums at the same time. The choice of products, focus, and the right strategic partnerships will therefore be essential for success. This is the only way suppliers can succeed in creating a portal that can beat competitors by offering quality, clarity and choice,” Senn concluded.
For the report ‘Financial Portals for Private Customers – Focus Or Co-operate’, Forit interviewed the 15 leading portal operators in Germany and Switzerland.
With a client roster of companies across a range of industry sectors in Germany, Austria, and Switzerland, Forit has established itself as an advisor to senior executives crafting Internet strategy. The company is headquartered in Frankfurt, Germany and employs 23 people.
Established in 1983, Forrester Research is headquartered in Cambridge, Massachusetts, with a European research center is in Amsterdam, Netherlands, and a UK research centre is located in London.