What exactly characterizes a convenience product?
A convenience product consists primarily of a service. The vendor spends more time on producing a product, while the customer saves time and pays a fortune for the privilege. Credit cards, direct debits, electronic banking – even banks are offering their customers more and more convenience. Where is this heading? I see plenty of potential in banking, especially on the payments side. Simplified processes and more direct customer relationships are part of the future. Consequently, convenience in banking primarily means radical customer orientation. This is also necessary. Our monetary system has become far too abstract and incomprehensible. What exactly do you mean? Although modern means of payment like credit cards are easy – convenient – they create inefficient bureaucracies and middlemen, complete with unnecessary transaction steps that make the products more expensive. To cite another example: healthcare, pension funds, welfare and many other areas are increasingly incompatible with
