March 13, 2008

Non-Banks Make Their Way Into European Financial Services

Non-Bank Distribution Creates Opportunities For Established Firms

This is the first document in the "Financial Services Distribution Partnerships" series.

by Benjamin Ensor, Alexander Hesse

with Vanessa Niemeyer, Ph.D.

Executive Summary (This is a document excerpt)

A growing number of European consumer brands, such as retailers, car manufacturers, airlines, and even football clubs, are offering their customers financial services like loans, savings, and insurance. There's a big opportunity: 12% of online Europeans have bought financial products from these companies, and 27% would consider doing so in the future. Today's non-bank clients belong to the group of financially self-directed consumers with above-average incomes; they buy at non-banks mainly for convenience, trust in their brands, and a good price. Channel strategy executives at financial services firms should seek distribution partnerships with non-banks that provide assets like opportunity, frequency of contact, and strong brands.

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