Berlin While some processes such as construction projects are delayed due to the corona crisis, the pandemic has an accelerating effect on many digital projects. This also applies to a consultant app that is intended to make the work of several thousand financial advisors easier. The app was developed by Deutsche Vermögensberatung AG (DVAG) and the Berlin fintech company Finleap. Now they have gone live with the digital tool.
According to information from the Handelsblatt, the approximately 17,000 DVAG consultants are now provided with an app that has been dubbed “Digital Asset Planning”. But because of the corona crisis, which made the need for digital solutions once again clear, the launch was preferred after a test phase with 1000 consultants.
For two years, DVAG, Germany’s largest independent financial adviser, and Finleap, Europe’s leading fintech ecosystem, have worked on the app. For this purpose, they founded the joint venture “Deutsche Fintech Solutions”, in which both companies have an equal stake. Both partners do not provide any information on the investment volume of the joint venture, in which 40 employees work.
With the newly developed digital tool, 17,000 DVAG consultants should now have an end to Excel tables and PDFs. Instead, they can use the app to digitally record, evaluate and centrally save all data. “This application makes the consultation for our customers and consultants even more effective,” says DVAG Sales Director Markus Knapp.
However, the app does not say goodbye to personal advice. The corona crisis in particular has shown how indispensable advice from person to person is, DVAG says.
The joint venture is a win-win cooperation
Not only does DVAG now see its financial advisors well armed in the competition thanks to the app – the cooperation is also a win-win situation for the fintech platform Finleap. The introduction of the app means a prestige success for Finleap.
After all, DVAG is one of the giants in the industry. Sales rose last year by a good 19 percent to around EUR 1.9 billion; the 17,000 consultants take care of around eight million customers.
Since it was founded in 2014, Finleap has developed 17 companies, such as Solarisbank, Pair-Finance, Elinvar, as well as other companies, such as the online bank for business customers Penta, and the API service provider Figo.
In the summer of last year, the start-up specialist started a major renovation and founded Finleap Connect, among other things to offer financial solutions and products for corporate customers.
Finleap boss Ramin Niroumand is clearly satisfied with the cooperation. According to Niroumand, since the joint venture was founded as a separate company, the team was able to “do things differently and keep the speed up”. In any case, this project was implemented much faster than an average IT project within a large corporation.
The work of the joint venture is now to be continued for a further two years. “I am very pleased that we can continue to work together on the future of hybrid financial advice”, ie the combination of digital and personal advice, “says DVAG-IT board member Christian Glanz.
The joint venture will be headed by Pascal Müller from June 1st. Previously, Müller was Head of Global Banking Strategy & Excellence at smartphone bank N26.
More: The corona crisis is a new test for DVAG boss Pohl.