Looking for an example of allfinanz that works? And no, this one isn’t a bank – it’s giant US insurer Allstate. According to market intelligence firm Provizio, Allstate, the second-largest US insurer, is rapidly penetrating the banking market in a way that is giving it a competitive advantage over other giant insurance companies like MetLife and State Farm.

“Allstate’s unique blend of insurance and banking products and services will be a key driver in the successful convergence of banking, insurance, and investment services,” the study says. “By integrating everything from cheques to CDs to home equity and consumer loans, with the myriad insurance products and services available in the market, Allstate’s effort differs from similar efforts to exploit the convergence in financial services.”