Abstract
The recent developments in the financial services industry in Europe towards bancassurance or Allfinanz are characterized by many people as revolutionary. Against this background I have been asked to address you today on the topic of 'specialization and diversification in financial services'. I will try not to approach this subject too much from a theoretical point of view, but more from my own practical experiences with ING Group, the financial services company based in the Netherlands. I will use the perspective of the insurer and explain why Nationale-Nederlanden chose to diversify into the banking industry. Thereby I will focus primarily on retail and marketing aspects, although also the other dimensions of diversification in the financial services industry should not be neglected. Next, I will talk about the consequences of this diversification in terms of strategy and structure. Finally, I will put forward some challenges for further economic analysis of the merger creating ING Group, because I think the ING case is a prime example of what is happening in the financial services industry today and of the choices that can be made in this turbulent environment.
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