What European Banks Need to Know about Competing with Ecosystems
Partnering with diverse groups of companies is proving to be a rewarding way to attract new customers and expand existing relationships. But managing these networks is a relatively new area for most banks, especially in Europe. A replicable operating model will help.
Banks are increasingly turning to new and diverse partnerships to spark growth – for good reason. Ecosystems that offer complementary products and services via a single platform can open new revenue streams for all companies involved. In most cases, banks will receive fees in exchange for allowing its partners access to their customer database. In some cases, banks suddenly find themselves able to follow customers far beyond the boundaries of their traditional relationships.
Take the DBS Property Marketplace in Singapore, for example, in which the Singapore-based bank (DBS) works with partners including EdgeProp, Averspace, and SoReal to pool offers onto the platform. Launched in 2018 by DBS, this ecosystem enables customers to buy,
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