Matthias Kröner on social media | Fidor Bank | Video
World Finance interviews Matthias Kröner, CEO of Fidor Bank, on social media communications and innovation in banking technology
New methods of communicating are appearing online all the time. Fidor Bank believes that banks need to tap into this, and move with their client in order to regain trust. Matthias Kröner, CEO of Fidor Bank, talks about the innovative work Fidor has been doing on social media communications to get closer to its customers, and the technology solutions Fidor TecS is developing to improve its processes.
World Finance: Tell us about Fidor, and some of the work you’ve been doing.
Matthias Kröner: Well, Fidor Bank actually is following the mega-trends which we can see in the internet. So, Fidor Bank has a high target of integrating the customers, interacting with the customers, and delivering a lot of transparency.
One of the examples for integration of the customer, for instance, is our ‘Like’ interest rate, which you maybe know. The Like interest rate is driven by the Likes which we have on Facebook, so this is the first product and offer actually which integrates the customer, even within the pricing.
“The ‘Like’ interest rate is driven by the Likes we have on Facebook, it’s the first product that integrates the customer in the pricing”
World Finance: You plan to expand in the future, what’s your strategy around this?
Matthias Kröner: The technology of Fidor Bank is a technology made for an international approach, actually. So yes, we are thinking about expanding into other countries, and we’re in talks there already with some partners, or we do it on our own.
World Finance: And what are you doing in the UK? What are your operations here?
Matthias Kröner: The UK will be a part of our international strategy, that’s for sure. It’s a super-interesting market, with a very high range of online customers, so this seems to be absolutely interesting to us, and I hope I can surprise you within the next 12 months.
World Finance: You mentioned your international expansion, and you’ve worked with a number of partners; how do you select these?
Matthias Kröner: Well we’ve got two kinds of partners actually. One kind of partners are our innovative partners, which we integrate into our Fidor account technology, kind of as an app, actually. And the customer can use those partners via the app infrastructure. And the other partners we have are B2B partners, which use our banking technology, our payment technology, maybe in a white label or maybe the way it is. So, we are happy to have those partners as well.
“Other bankers talk about the risk of talking within social media platforms. I see the risk as not talking there”
World Finance: Innovation in banking technology is on the rise. Tell us more about Fidor TecS: What solutions does it offer?
Matthias Kröner: Well actually it’s the company, Fidor TecS, that’s providing this kind of technology. It’s the heart of our research and development within Fidor Group. It’s developing the technology, it’s maintaining, hosting, whatever you can assume coming with it. And Fidor Bank, for instance, is a customer to Fidor TecS, like some other companies as well.
World Finance: How easy is it for people to use your services?
Matthias Kröner: It always was the objective to be as easy as possible to access us. So, we have a community on the one side: if you want to register for the community you can use a Facebook connect process. I think we’re the only bank in Europe doing something like that. And even if you want to do your full KYC, we are the first bank in Germany offering you a digital, full KYC process. So there’s no bank which can be more easily addressed than Fidor Bank.
World Finance: What advice would you give to other banks who want to use these social media strategies?
Matthias Kröner: Well first of all I think it’s absolutely important to deal with it, not to try to avoid it. Most times I’m talking to other bankers, they talk about the risk of talking within social and communicating within social media platforms. I see the risk as not being there. Second advice would be, if you’re interested in more of our experience, I’m happy to have you as a guest in Munich, you can address me via email or Facebook, or twitter. Whatever way. And I’m happy to answer all your questions.
World Finance: Matthias, thank you.
Matthias Kröner: Nick, thank you.