It’s not meant to be like this. In the new digital world, banks are supposed to be financial supermarkets, developing internationally transportable distribution platforms with high-value third-party products. Even loans and deposits – certainly insurance and savings products – should be outsourced in this model.
Ten years ago, Allianz’s sale of Dresdner to Commerzbank, together with ING’s carve-out of NN – both triggered by the 2008 crisis – were supposed to have heralded the death of bancassurance.
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