The new retirement savings account is set to launch at the beginning of January. Are banks ready?
The successor to the Riester pension scheme is coming – and with it one of the biggest product launches in retail banking in years. Banks, savings banks, cooperative banks and neobrokers are now facing some very practical questions: What needs to be technically in place for the launch? What can providers catch up on later? And how aggressively will they compete for new customers? Our expert Torsten Kusmanow discusses the starting conditions, competitive dynamics and strategic opportunities for institutions that have so far not been among the leading players in securities business in the latest episode of the Finanz-Szene podcast “Deep Banking,” hosted by Michael Hedtstück.
Among the topics discussed:
▶ How tight is the timeline for banks and fintechs to complete their preparations for the launch?
▶ Insurers vs. banks: Who stands to gain from the shift?
▶ Will the market consolidate around providers with economies of scale, or do savings and cooperative banks have a chance?