Fidor Bank is the first Web 2.0 bank in Germany, i.e. the first direct bank for the internet age of social networks. Founded in the upheaval of the financial crisis, Fidor has made a deliberate choice in favour of social banking; a counter-model to conventional banking. Openness, transparency and client participation. Fidor Bank also makes consistent use of Web 2.0 mechanisms for interacting with its clients, e.g. via Facebook, Twitter, XING or YouTube. With no branch network or internal advisers, clients of Fidor Bank find out about products and services in the Fidor online community. Communication between clients and with staff and experts is also networked via the community. Discussions about and reviews of Fidor's own or external products are therefore possible – and intended – at any time. The international (Germany and UK) community currently counts some 315,000 users. In addition to a classic bank account, Fidor offers internet payment and innovative banking products: with the Fidor Smart current account, an open financial ecosystem, users can decide for themselves which financial products and services they want to use from Fidor Bank or third-party providers. With credit transfers via Twitter, social lending and social trading in virtual currencies etc. Fidor has a wide range of cutting-edge products that go well beyond traditional banking services. As the Fidor Smart current account functions as a digital cash management platform, it is an open financial ecosystem for app partners and so the range of products and services is increasing all the time. Due to record low cost of customer acquisition, Fidor Bank AG can fulfill its strategy of "qualified and substantial growth": Winning customers and in the same time, operate profitable. Customer base is strongly growing from 76.000 full KYCed banking customers to above 100.000 year end 2015. That makes Fidor Bank strongly different to other, "normal" banks. NPS (Net Promoter Score) currently is 46. In the same time Fidor Bank operates with a positive EBT for three years now. Fidor Bank shows a strong growth in its business volume (loan assets pls deposits) up to roughly 750 mn EUR - which differentiates the Bank strongly from the fintech-mainstream.
Name CEO: Matthias Kröner
Founded in: 2009
Company Twitter: @FidorUK
Category: Alternative Finance
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