{"id":54891,"date":"2026-08-24T11:52:02","date_gmt":"2026-08-24T09:52:02","guid":{"rendered":"http:\/\/www.turner.nl\/uncategorized\/why-platformization-should-be-a-top-priority-right-now\/"},"modified":"2026-08-24T11:52:10","modified_gmt":"2026-08-24T09:52:10","slug":"why-platformization-should-be-a-top-priority-right-now","status":"publish","type":"post","link":"https:\/\/www.turner.nl\/en\/financial-services\/why-platformization-should-be-a-top-priority-right-now\/","title":{"rendered":"Why Platformization Should Be a Top Priority Right Now"},"content":{"rendered":"\t\t
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Platformization<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Why Platformization Should Be a Top Priority Right Now<\/h1>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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We don\u2019t know exactly what the financial world will look like after the COVID-19 crisis. So far, the impact on banks and insurers appears to be limited. But the pandemic is certainly accelerating the trend toward digitalization in financial services. Thijs Venneman of Turner\u2019s wonders how this will affect the business models of banks and insurers. Is the platform model truly poised for a breakthrough in the financial sector? <\/p>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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Why is this a top priority right now?<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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We don\u2019t know exactly what the financial world will look like after the COVID-19 crisis. Banks seem to have enough reserves to weather this crisis, and the impact on insurers also appears to have been limited so far. But at the same time, we\u2019re seeing that the pandemic is further accelerating the existing trend toward digitization. Image-based banking, digital signatures, smart AI tools, online advice, and self-service via chatbots: these are all measures that are being implemented more quickly due to \u201csocial distancing\u201d and the \u201clockdown.\u201d But how does this affect the business models of banks and insurers? Is there even a role for everyone in serving customers directly? Or will this crisis give rise to other opportunities for growth? Will the platform model experience a BREAKTHROUGH in the financial sector? <\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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What Happened After the Previous Crisis<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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After the 2007\u20132008 financial crisis, we saw online platforms such as Amazon<\/a>, Airbnb<\/a>, Uber<\/a>, and Alibaba<\/a> experience a surge in growth. Within a few years, they had completely turned the balance of power in their respective sectors upside down. But even now, despite the current economic headwinds during this crisis, they continue to grow. This is mainly because online platforms are extremely scalable. At its core, a platform connects buyers and sellers without having to provide the goods or services itself. And with today\u2019s technology, they can do so extremely efficiently, intelligently, and effectively. Is this also a viable model for organizations in the financial sector? <\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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Is it the financial sector's turn now?<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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In our study,\u201cPlatformization of the Financial Sector: A Matter of Time,\u201d<\/a> we conclude that the shift toward online platforms is inevitable and that every financial service provider faces a choice. Do you want to become a platform organization yourself, acting as a connector between supply and demand? Or will you CHOOSE a different role on someone else\u2019s financial platform? Research firm Forrester<\/a> also reached this conclusion in a recent study of banks. Will you CHOOSE to serve customers with a broad range of offerings, or will you pursue a niche role within the ecosystem? The firm expects that banks will only remain successful if they integrate products \u201cunder the hood\u201d and make them available to customers through a single, seamless user experience. Banks will need to carefully manage the trust they\u2019ve earned, be selective in choosing collaboration partners, and choose the right \u201cbattlefield.\u201d So, thinking about platforms and their application to Financial services is in full swing. But what about the implementation? <\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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The Signs in the Netherlands<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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The shift toward platforms doesn\u2019t seem to be happening very quickly in the financial sector yet, but appearances can be deceiving. We\u2019re seeing more and more examples of platforms that are driving fundamental renewal in the financial sector. For example, many new entrants are choosing the platform model. Consider the well-known Funding Circle<\/a>, which directly connects institutional investors with small business owners, as well as the lesser-known Dynamic Credit<\/a>, which uses a platform to connect homebuyers with institutional investors. Another recent and very commendable example is Buddy Payment, which uses an app to keep vulnerable people out of debt counseling by connecting them directly to banks and municipalities via a platform. <\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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In China, the time has already come<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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However, these developments pale in comparison to the colossal financial ecosystems we are seeing emerge in China. The mobile payment apps from Ant Financial<\/a> (part of the aforementioned Alibaba) and WeChat<\/a> \u2014originally e-commerce and social media apps\u2014have revolutionized this region by adopting a platform model that focuses entirely on customer needs. And this goes far beyond just mobile payments. The 1 billion (!) users can also take out loans, open savings accounts, purchase insurance, and make investments. <\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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Financial institutions in the Netherlands are hesitant<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Financial institutions in the Netherlands should therefore brace themselves. Our survey of 25 Dutch banks, insurers, and other financial service providers also shows that a large majority (92%) considers the shift to a platform model to be inevitable. According to some, this model is even the superior business model. And although everyone indicates that their organization needs to address the issue, 78% of Dutch financial institutions have not yet made a clear decision. \u201cWe need to do something about it, but we haven\u2019t gotten any further than a few experiments and partnerships\u201d\u2014that\u2019s what we often hear. <\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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Time to choose\u2014and take action<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Even after this crisis, the future of financial services will continue to rest on trust. But since the last crisis, online platforms have been playing an increasingly significant role in the financial lives of consumers and small and medium-sized enterprises. Because of their extreme scalability, these platforms have the potential to completely upend the balance of power. Of course, it is encouraging that Dutch banks and insurers recognize the importance of online platforms. However, it is also concerning that very few financial institutions have made a clear choice and are actively implementing it, especially in this era of accelerated digitization. If banks or insurers do not actively assume the role of a platform themselves, they run a real risk of eventually playing a supporting role as a provider on someone else\u2019s platform. This may be good for their \u201clicense to operate<\/em>,\u201d but it comes with no customer contact of their own and under the other party\u2019s terms. Then they truly become that \u201cdumb pipe,\u201d which in <\/span>Het Financieele Dagblad<\/span><\/a><\/span> had already been predicted. <\/span> <\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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Meet the Author<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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Insights<\/a><\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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All insights into the financial services sector from our specialists<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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