Thursday, October 04, 2012

Knab, the Latest Banking Initiative

Knab, (which is “bank” reading backwards) is the latest bank initiative by Alex investor bank founder Mr.  René Frijters and the Aegon conglomerate. 

Labeled “the bank of the future”, is in an online bank where a bank account + bank card will cost the customer €15 monthly.

The customer will have access to a digital dashboard that allows insight into all his payments, pension & saving funds and assets.  The customer will also have access to various digital aids, including a “red line application” that automatically transfers money from a saving fund to a current account in case of a pending deficit. The customer therefore avoid penalties. 

The customer will pay 1% up to a maximum of €2,000 annually for asset management.  Knab does not employ any sale advisers; a group of selected asset mangers have access to a podium on the kanb website, but are removed if their validation by customers is below par. The validation is shown in stars behind their name.

Knab piggyback rides on the new bank permission granted to Aegon. The name Knab has the K in front, which stands for Klant (customer). This is for sure nice marketing and branding, but does not hide the fact that Knab aims at customers that earn twice the average salary and want to manage their financial future themselves. Not exactly your average Joe. 

Knab wants to break-even in five years with a customer base of 100,000 customers. Frijters is hopeful to gain 250, 000 customers by that time.

 Will Knab succeed or go down the Icesave path? Time will tell...

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