OVERVIEW
Catalyst
Summary
ANALYSIS
Introduction
Nykredit is a Danish mutual with a strong heritage and a passion for innovation
At Nykredit "Everything begins with the customer"
Nykredit has allocated its resources to better reflect changing consumer needs
Nykredit has designed a range of web tools to improve the digital dialogue with its customers
WebDesk takes financial advice into the homes of its customers through web conferencing
WebDesk brings convenience but critically places consumers in their comfort zone
WebDesk offers Nykredit a viable alternative to trying to compete on a branch penetration model
Nykredit's "Smartbudget" allows consumers to collaborate on savings advice alongside budgeting tools
Consumers need help managing their finances in a time of austerity cuts and fragile recovery
Nykredit's Smartbudget has been used by over 17,000 consumers since 2009
Nykredit Webtv adds another exciting medium for consumers to learn more about their finances
Nykredit's new Sparetips initiative works with Smartbudget to create a user-generated forum for smart spending
Sparetips taps into the Connectivity Megatrend Consumer collaboration is a key element of the Connectivity Megatrend. Consumers who seek Connectivity in financial services desire a life that is rich in relationships, friendships, and a sense of belonging. It can be expressed at many levels, for instance at the community level (e.g. community belonging), at the national level (e.g. pride in local products), or on a global level (e.g. environmental concerns). Consumers instinctively look to their peer group for advice and support, and technology plays a major role in facilitating this process. At the height of the recession Datamonitor's 2009 FSCI Survey found strong evidence that consumers across the globe were experiencing elevated levels of stress and concern about their financial and employment future. This concern, instead of being translated into action, led to consumers freezing, uncertain of what move to make. Consumers are therefore seeking guidance and reassurance about which measures to take with regard to their finances. Previously this guidance may have come from financial advisors. However, this channel faces a crisis of confidence, as the financial downturn highlighted that the interests of financial advisors are sometimes misaligned with the interests of clients. Many consumers suffered once the financial crisis revealed that their investment advice had not been quite as sound as they had previously thought. The collapse of Lehman Brothers led to High Court judgments in Germany as intermediaries were accused of offloading unsuitable Lehman securities to fill their own coffers. Indeed, the 2010 FSCI Survey revealed that trust in financial advisors and brokers has remained very low, below that of all other FS institutions.
Digital networks are now a legitimate source of financial advice
Conclusions and implications
APPENDIX
Definitions
The Datamonitor Financial Services Consumer Insight Megatrend Framework
Methodology
Secondary sources
Ask the analyst
Datamonitor consulting
Disclaimer
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