Fidor Bank Brings Blockchain Technology to UK Banking Sector

It has been in the making for quite some time, but now Fidor Bank has finally opened its doors to the public in the United Kingdom.  Most Bitcoin enthusiasts will know the name Fidor Bank for their presence in Germany and their openness towards Bitcoin companies and startups.  With this UK launch, Fidor Bank can bring banking relations to UK Bitcoin companies while the main banks are still refusing to do so.

Fidor Bank Combines Banking Relations with BitcoinFidor Bank

There is a very good reason Fidor Bank has become so successful in recent years.  It all began in 2009, when Fidor Bank was founded in Munich, Germany.  Over the years, Fidor has been labelled as “one of the most disruptive factors in the world of finance”, as they have been actively using social media, peer-to-peer lending and crowdfunding techniques to their advantage.

For UK Bitcoin companies, Fidor Bank has a lot to offer; flexible savings bonds alongside a euro transfer service with a competitive flat fee for international payments are a great way forward for most of the companies.  But these services are not just aimed at Bitcoin startups either, as individual users can sign up for a Fidor Bank account as well.

Furthermore, Fidor will be unveiling more features and services over the next few months.  Some of those features include corporate accounts, a debit card service and a marketplace of curated financial services, with lots more to be added in the next few years.  Services enjoyed by German customers, such as the peer-to-peer lending platform, will also make its way to the United Kingdom shortly.

Unlike most traditional financial institutions, Fidor Bank is rewarding its clientele for sharing their financial experiences and advice with other customers.  Furthermore, Fidor Bank prides itself on being a financial innovator and values customer feedback more than anything.  Evaluating and reviewing financial services will lead to customer rewards as well.

To top it all off, Fidor is one of the very few banks in the world using a customer reputation system.  Every customer has a personal profile where they can gain reputation by collecting “karma”.  This “karma” is earned by interacting with the Fidor community, submitting feedback and sharing insights.  

“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.” – Fidor Bank CEO Matthias Kröner commented.

Big UK Banks are Out of Time

The major traditional banks in the United Kingdom have kept a tight control on the market for many years.  Despite multiple cases of data loss, theft, and customer complaints, there have been no viable alternatives for the everyday consumer.  All of that has changed though, now that Fidor Bank is available to UK customers.

Furthermore, Fidor bank has taken most of the necessary steps to provide a financial institution that uses blockchain technology for all of its services.  Peer-to-peer lending is all but impossible through traditional banks, but Fidor Bank makes it one of their primary services.  While the remaining UK banks are wrapping their head around blockchain technology, Fidor has taken a commanding lead and is running with the ball.

Source: Finextra

Images courtesy of Fidor Bank, Shutterstock