Finprove offers banks new earnings potential in online banking
Press release

Frechen (2017-03-02) – Data and trust of customers are the most valuable assets of a bank. Especially retail banks have an extensive knowledge of the regular expenses of their customers due to the movements on their checking accounts. However, this knowledge isn’t often used. Why not show each customer the individual savings potential regarding recurring expenses? By directly switching to a lower-priced supplier of electricity, gas, mobile phone etc., customers and banks both profit equally.

“With Finprove, the second FinTech startup of the IntelliNet Group, we provide a service giving bank customers a simple way to switch suppliers without worries,” explains Arne Westphal, managing director of Finprove GmbH. For banks this is a big chance to offer their customers real added value without a big project effort and to generate additional earnings at the same time.

The big kick-off was on February 17, 2017, when Finprove presented its business model for the first time to a large audience at “Handelsblatt Annual Conference Retail Banking” and won the “Pecha-Kucha Audience Award”.

The first retail bank will introduce Finprove in the areas electricity and gas in the second quarter of 2017. After that, the offer will be expanded product by product in all private expense areas like mobile phones, internet, insurances or streaming services.

“Banks must not cede customer relevance to FinTechs without a fight. Banks have to change in small but quick steps from passive data custodians to active money managers of their customers,” recommends Westphal.

With Finprove, not only banks but also financial distributors, insurance brokers, credit check or cancellation platforms can improve their customer service easily, quickly and profitably.