O2 in Germany is launching a mobile banking service in Germany in late summer 2016, as the number of disruptors to the financial services market continues to grow.
The service will use white-label technology supplied by Fidor Bank in the form of its cloud-based
infrastructure for its back-end technology. The mobile-only accounts will on-board customers using a video link for documentation checks via a smartphone and permit P2P account transfers.
The account will come with an O2 MasterCard for cash withdrawals and shopping, and a financial planning tool to provide an overview of spending. Customers will be able to request real-time notifications of transactions and events by app push messages.
In addition to these features, smaller consumer loans will be available directly via the app. This has all been made possible by the partnership between Fidor Bank and Telefonica Germany. Under the partnership Fidor Bank is providing O2 with a banking license that is valid across Europe, along with individual customer, card, and transaction services.
Matthias Kröner, CEO of Fidor Bank AG said: “This partnership is the first truly disruptive alliance in Germany between a successful digital telecoms company and an innovative digital bank.
“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.”