New online challenger bank launches

Fidor Bank, the online-only retail bank, is today launching in the UK.

Related topics:  Finance News
Rozi Jones
18th September 2015
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Founded in Germany in 2009, Fidor is now opening up its first services to retail customers in the UK, making it the first challenger bank to launch in the UK since 2010.

Available from today, the bank’s first service is providing a flexible saving bonds offering alongside a Euro transfer service, with a flat fee for international money transfers.

Fidor’s banking model is based around its online community, where users are financially rewarded for giving and receiving knowledgeable financial advice, as well as evaluating and reviewing financial products and services they are interested in. Through its community, Fidor also invites members to help build the bank’s future services, including the chance to name its upcoming debit card, as well as suggest new functions and features they would like to see.

Fidor also provides a select range of ‘60-second banking services’, with customers able to complete any of these financial transactions with one minute, making digital banking a smooth and hassle-free experience.

Over the next few months Fidor will introduce a current account, debit card, corporate account and will also integrate third-party services to offer its customers a marketplace of curated financial services, such as peer-to-peer lending, crowdfunding platforms as well as multi-currency investments.

In Germany, the bank has quickly grown in popularity with its interactive online community and personal approach to customer support, and is now approaching 100,000 customers.

Matthias Kröner, CEO of Fidor Bank, commented: 

"We’re putting the community at the heart of Fidor. This personalised approach to banking gives every customer a voice in how our bank is run, as well as giving them unprecedented control - setting their own interest rates, or naming the current account card that the bank will use for example, are just some of the options we’ve explored before."

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