Germany – Telefónica Deutschland is the first network provider to launch its own mobile banking app.
Telefónica Deutschland, otherwise known as O2, is incentivising customers to use its mobile banking app by offering free data. Customers receive 1GB of data by signing up and receive a further 1GB after completing their first transaction. O2 will also top up its customers’ data by up to 500MB per month depending on their usage.
According to Markus Haas, COO at Telefónica Deutschland, this policy of ‘megabytes over meagre interest’ is what sets O2 Banking apart from its competitors. ‘We also offer unique features, optimal usability and full transparency of services and fees,’ he explains. Users can complete transactions using a mobile phone number, take out instant loans and access a range of security features.
To support the app and protect its clients’ assets, O2 has teamed up with online retail bank Fidor Bank, which focuses on the Millennial market. If customers use O2 Banking as their salary account, or if their monthly credit card turnover exceeds £424 ($472, €500), they receive Gold status, which offers unlimited free usage of the Mastercard for cash withdrawals from ATMs.
With consumer loyalty so low among Millennials, banks that offer convenient and user-friendly services are sure to win new fans. Find out how digital-first banks are disrupting the financial industry in our Mobile Money microtrend.