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An important key to success and future viability in the digital age is the perceived relevance of a company’s offering in the eyes of the users. This can be increased through added value such as product enhancements and services. It is a strategic option to open the own offer to partners and to integrate their solutions according to the actual needs and potential. That way, it is possible to flexibly design the own offering in the sense of a modular system and to significantly increase the relevance in the eyes of the users. The requirement for this is to exactly know the customers and their demands, to observe the competition intensively, and to look for appropriate partners in order to constantly increase the added value of the own offering.
Examples of such platform strategies can currently be found a lot in the financial sector, where established financial service providers are being attacked from different sides. FinTechs particularly, but also nonfinancial providers such as telecommunications and technology companies take over individual parts of the bank’s value chain and develop separate business models for this purpose. The new players offer products and services that are easy to understand, easy to use, and often even fun. What distinguishes the traditional players are above all their broad customer base, decades of tradition and experience, brand strength, customer confidence, market knowledge, human and financial resources, as well as existing structures and networks. In order to prepare for the future, start-ups and banks have to cooperate with each other – finding and networking with the right partner from both worlds becomes a decisive success factor for the own future viability. And this is certainly not only true for the financial industry.
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