In this interview with Patrick Wirth, Vice President of Mobility at Baloise, we discuss the evolving role of financial institutions in the changing mobility landscape, including their contributions, successful partnerships, sustainability, and the key factors that will set apart ‘winners’ from ‘losers’ in the future mobility ecosystem.
How do you envision the evolution of financial institutions within the future mobility ecosystem? How quickly do you expect this evolution to unfold?
The evolution of financial institutions in the mobility sector is closely tied to the ongoing changes in mobility itself. Mobility is rapidly transforming, primarily driven by the major trends of sharing, electrification, connectivity, autonomy and sustainability. While certain aspects, such as autonomous vehicles, may take more time to become widespread, sharing and electrification are already a reality.
In the realm of electric vehicles, there's a notable impact on residual values, particularly for leasing companies and banks. Questions arise about the longevity of batteries, similar to how we see concerns with software updates on smartphones. Moreover, customer expectations are shifting; a digital experience is no longer a luxury but a necessity. All this is relevant for financial institutions financing assets in the mobility space like cars.
Regarding insurance, we are witnessing significant changes in enabling digital experiences through an API-driven approach and adaptable IT systems that can seamlessly integrate with other systems. Furthermore, new insurance products are emerging, utilizing data to develop risk models more rapidly and addressing the unique needs associated with new mobility trends, like the risks associated with car-sharing and other emerging services.
