O2 to enter banking market

O2 to enter banking market

Telefonica Germany in association with Fidor Bank has announced it will be launching mobile banking offer O2 Banking.

The launch is set to take place in late summer this year and Fidor’s banking licence allows O2 to offer digital banking to its customers without having to attain its own permit. 

It will only take a few minutes to open an O2 bank account as customers can go online with the identity check taking place via a video link using a smartphone, while O2 phone contract holders will benefit from added perks and add-ons when using O2 Banking.

“This partnership is the first truly disruptive alliance in Germany between a successful digital telecoms company and an innovative digital bank,” said Matthias Kröner, CEO of Fidor Bank AG. 

"Our collaboration gives customers the best of two digital worlds: quick and easy banking services via a mobile app, combined with innovative additional services from their O2 mobile contract.”

Fidor Bank became the first retail bank to launch in the UK for five years back in September last year. 

Although O2 Banking will be launching in Germany, Fidor’s banking licence is valid throughout Europe and Matthias hopes Telefonica Germany will become a pioneer for digital banking across Europe. 

"Going digital means that a customer can contact their bank on a Sunday because they need a loan. 

“If they’re accepted, they can access the desired amount immediately. 

“Data management, real-time speed and simplicity are essential for this process. 

“It also means that the company culture has to be aligned accordingly, and requires a sharp customer focus.”

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