The Fidor Bank Story, Frank Schwab, Fidor TecS AG
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The Fidor Bank Story - Banking with friends Frank Schwab, CEO ABTEC April 2014
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Widely recognised as the one of world's most innovative banks, Fidor Bank was established in Germany in 2007. It is the world’s first online-only bank that operates only through the internet and using social media. From customer service, communications and engagement to new product development, everything happens on social media at the Fidor Bank. Fidor currently has more than 300,000 people registered and 250,000 community members. It has €200m worth of deposits, and its lending totals about €160m. With only 34 staff, no branches and a cost of only €20.00 to set up a customer with full banking, the overheads are low compared with traditional banks.
Transcript of The Fidor Bank Story, Frank Schwab, Fidor TecS AG
The Fidor Bank Story - Banking with friends
Frank Schwab, CEO
ABTEC
April 2014
Financial crisis 2009
Lost of trust in banks Tr
ust
100
0
2004 2014
Bahrain, Feb 2011
Source: Wikimedia Commons
New York, USA, October 2011
Source: Wikimedia Commons
Frankfurt, Germany, October 2011
Source: Wikimedia Commons
Number of US banks
Source: FDIC
1990 2011 2000
16,000
8,000
Number of German banks
Source: Deutsche Bundesbank
1990 2011 2000 0
2,000
4,500
Source: Deutsche Bundesbank
1995 2011 2003
Number of German bank branches
0
40,000
70,000
There is a need to change the relationship
between customer and banks
Disruptive innovation
Wikipedia
is an innovation that helps create a new market
If I had asked people what they wanted, they would have said faster horses.
“The future is always here - it’s just not evenly distributed yet.”
William Gibson, Fiction Novelist
Digital Natives
Soci
al s
tatu
s
Orientation
High
Low
Internet distant unsettled
27%
Internet Layman 12%
Responsible established 10%
Skeptic
10%
Carefree
Hedonist 12%
Efficiency Oriented Performer
14%
Digital Sovereign 15%
Source: Sinus 2011
Outsiders
Traditional Modern
Immigrants Natives
Digital lifestyle
And banking?
Trust
Loan
s
Tran
sfor
mat
ion
Inve
stm
ents
Pay
men
ts
Customer
Trust
Loan
s
Tran
sfor
mat
ion
Inve
stm
ents
Pay
men
ts
Customer
Banking with friends
Community
Transparency
Sharing
Rate bank advisors
Rate products
Raise & answer questions
Get money for
250,000
CpC < 20 €
Trust
Loan
s
Tran
sfor
mat
ion
Inve
stm
ents
Pay
men
ts
Customer
Emergency money
Peer to peer loan via SMAVA
Trust
Loan
s
Tran
sfor
mat
ion
Inve
stm
ents
Pay
men
ts
Customer
Trust
Loan
s
Tran
sfor
mat
ion
Inve
stm
ents
Pay
men
ts
Customer
Mobile number
Real time
And next?
Context
Banking Next
Do you want to buy a new B&O TV set? We can help you.
18 €
53 € 17 €
Source: Google
Technology?
The need for new Banking IT Platforms
Apple
IT Intensity
IT cost per user
200
Tier 1/2 Bank Google
3,4
3,8
eBay
7,4
[in USD p.a.]
# Web APIs
2000 2005 2014
>10,000
0
programmable web
There are already 451 financial APIs
CBS Country 1
Community Payments Account
Fron
t End
Web / Mobile
Product- Features
Core- Module/s FidorOS CORE
Interface to Core Banking
Country-specific Core Banking System
LAYERS
CBS Country 2 CBS Country n
Mid
dle
War
e B
ack
End
RE
STf
ul A
PIs
Fidor Operating System (fOS) is API based, modular, future-proof and free of legacy
Technology
HTML5 / Native iOS, Android
Ruby/ Ruby on Rails/ MySQL
MQ Series
CBS specific
Bonus Third party
Third party apps / in account apps
General Admin
Cor
e
Activities
Security
Fidor OS
Transaction
Authorisation
Customer
Booking
...
FidorOS on top of local CBS
Fidor TecS AG
The FUTURE is NOW!
„The Fidor Smart Account kills the
traditional bank account, like the
smartphone killed the mobile phone“.
Matthias Kröner, CEO Fidor Bank Group
