How banks can turn a lack of financial literacy into added value

Our whitepaper discovered a lack of financial knowledge among ordinary people and identifies the associated business relevance for banks. How can banks help their customers to manage their finances better? What priorities should be set, and what existing best-practice approaches and real-life use cases are available? What are the opportunities offered by approaches such as hyper-personalisation, gamification and the metaverse megatrend?
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Our survey shows that “62% of respondents would be willing to change banks if they offered appropriate services”

A survey commissioned by Zühlke has shown that many bank customers in German-speaking countries are lacking in financial literacy and either don’t have suitable financial strategies for wealth creation or aren’t implementing them properly. Significant differences are evident in this context that reflect socio-demographic factors. From this, we can determine five different types of people when it comes to finance.  

This baseline situation has great business relevance for banks, as the survey clearly shows that new services and offerings in this area would offer financial service providers great potential for differentiation. Against the backdrop of the rise in global inflation, how can banks help their customers to manage their finances better? What priorities should be set, and what existing best-practice approaches and real-life use cases are available? What are the opportunities offered by approaches such as hyper-personalisation, gamification and the metaverse megatrend? 

Download the financial literacy publication by Zühlke now and benefit from its valuable insights. 

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Meet the authors

  • Björn Lehnhardt

    Björn Lehnhardt

    Managing Director Financial Services Germany & Austria

    CV

    Björn Lehnhardt heads the Financial Services Market Unit at Zühlke Germany. Björn has been responsible for innovation, software and technology, strategy and organisational consulting as well as business development in various management positions for over 15 years and has practical experience from numerous digitalisation projects. He is driven by actively shaping the digitalisation journey together with our customers and helping them to take responsibility for tomorrow. Björn stands for a healthier and better planet through technology and digitalisation.

    View LinkedIn profile of Björn Lehnhardt
  • Stefan Hirzel, Head of Banking, Zühlke Switzerland

    Stefan Hirzel

    Managing Director Banking Switzerland

    CV

    Stefan Hirzel has been at Zühlke since 2013 as a partner and Head of Banking Switzerland. His focus is on combining technology, business value and customer experience. Together with his team, he works day in, day out on innovations to drive forward Swiss banking.

    View LinkedIn profile of Stefan Hirzel