FinReach provides banks with a fully digital Account Switch Kit. Already 40 German banks are using the Account Switch Kit, around 20.000 accounts have been switched successfully so far. Now, the venture offers a new product: The first digital Depot Switch Kit. We talked to MD Matthias Eireiner about it.
finleap.com: What is your new product?
Matthias: We launched the first fully digital Depot Switch Kit (DSK). It allows customers to switch their depot account, including their stocks and securities portfolio, at the click of a button.
finleap.com: How does it work?
Matthias: Our service is very easy and straightforward with three steps. First, you login into your old depot account and provide your personal information. As a next step, you can select the relevant stocks to be transferred. Lastly, you sign with your smartphone and initiate the depot switch with the click of a button.Everything else is taken care of for you.
finleap.com: Who is using it already?
Matthias: Our launching partner is DKB, a leading German direct bank. With our successful cooperation with the DKB on the Account Switch Kit, it was clear for both sides that we want to launch this great product together. Additionally to DKB, we are in final talks with a number of other banks and are confident to provide the DSK for more banks soon.
finleap.com: What makes it unique?
Matthias: Up to now, for transferring a depot, one must work through a ton of questions, some of them not even relevant for oneself. Hence, most people are not confident about switching their depot. Our Depot Switch Kit gets rid of all the hassle involved by providing an intuitive and responsive switching process, asking only the truly relevant questions. On top of that, it’s fully digital and no paperwork is needed; it only takes a couple of minutes.
finleap.com: What’s your vision for the FinReach future?
Matthias: We love building great software with best in-class user experience. We want to build services that customers and banks love at the same time. We believe that banks must constantly focus on offering best-in-class user experience to their customers. Only by doing so they can leverage the full potential of their customer base and we want to provide the solutions to help our partners to achieve that goal.