Open banking trends in financial market services: online marketplaces for deposit products

German direct bank norisbank, part of Deutsche Bank Group, is now offering its customers fixed-term deposit products from selected third-party banks, using the open banking platform of Deposit Solutions. „After a successful launch under the name „norisbank ZinsMarkt”, the new service is to be expanded into an online marketplace with fixed-term deposit products from numerous European banks.”, according to a press release.

Dr. Tim Sievers, CEO and founder of Deposit Solutions, commented: “Direct banks have a customer base that traditionally has an affinity for online banking. For those banks, setting up their own deposit marketplace is an excellent instrument to retain customers in an increasingly competitive environment. Savings deposits are an important product category for customers. With the infrastructure we provide, norisbank can now offer easy access to a selection of attractive interest rate offers from other banks.”

Marco Lindgens, member of the management board at norisbank, commented: “With the introduction of norisbank ZinsMarkt, we are expanding the range of investment products for our customers with attractive fixed-term deposits from various partner banks. We are thus taking the next logical step in expanding our range of products and services. It is part of our strategy to always offer our customers products at very good conditions, regardless of whether we ourselves are the originator.”

Apart from norisbank, also Deutsche Bank, Hamburger Sparkasse, Merck Finck Privatbankiers, M.M.Warburg, numerous cooperative banks and other partners such as comparison portals use the Deposit Solutions platform. In total, the company has connected over 150 banks and 20 countries to its platform.