Fidor - The Bank That Uses Facebook Likes to Calculate Interest
 |
| ripple.com |
Brace yourself, UK. As of the end of last week, the German bank Fidor has arrived on British shores. What makes this 'digital bank' stand out is that account holders can improve their interest rates by liking the Bank's Facebook page. According to Fidor, every time they rake in 2000 fresh likes, the overall interest percentage improves by 0.05%. Each individual customer can also increase their personal savings rate from 0.25% to 0.5% by liking the page.
How exactly they're able to do this isn't immediately clear, but Fidor's interest and savings rates aren't at anywhere near the level to compete with juggernauts like Lloyds and Santander, so it doesn't really matter. Fidor aren't advertising a service that offers competitive rates, but rather one that uses social media to create a community-based service which prioritises customer relations above all else.
In that vein, they're also bringing something called 'community karma' over from Germany. If you take the silly name out of the equation, it's essentially just an in-depth online forum which allows customers to communicate regularly with the bank and each other. The key difference is that Fidor are actually offering financial rewards to customers who are more active on the service. In particular, rewards seem to be going out to customers who find mistakes, during the trial period a £5 reward was extended to anyone who found a spelling error on the bank's site.
Optimising banking using social media isn't unheard of by any stretch of the imagination, but Fidor are perhaps the first banking service to have based their entire ethos around it from the ground up. A big part of their motivation in doing this is to attract more tech-savvy customers, they're likely particularly interested in millennials. Recent events have imbued much of the world with a far deeper mistrust of banks, so one which doesn't have branches and not only values, but rewards customer input is going to be a very attractive prospect.
Fidor currently has 100,000 German customers and is aiming to have 50,000 British customers by 2018. Currently their service is limited to one type of current account which only transfers to other bank accounts and mobile numbers, but they claim to be working on a savings package which will also incorporate Facebook likes into its structure.
Callum Davies
Callum is a film school graduate who is now making a name for himself as a journalist and content writer. His vices include flat whites and 90s hip-hop. Follow him @CallumAtSMF
Fidor - The Bank That Uses Facebook Likes to Calculate Interest
Reviewed by Unknown
on
Monday, September 21, 2015
Rating:
Reviewed by Unknown
on
Monday, September 21, 2015
Rating:
Unknown
Keeping you up to date on social media, digital marketing, apps, news & reviews. Social media, and digital marketing as a whole, are rapidly and constantly changing, adapting to new developments at an ever increasing rate. Just keeping up to date can be a nightmare. Our team of writers know their field, and keep an ear to the ground. We aim to keep you informed of all recent developments in the online world, and teach you a little something along the way. So whether you just want to stay connected, or gain some knowledge for yourself, the Social Songbird will keep on singing! More articles are posted every day so keep checking back! Join the discussion on Twitter - #SocialSongbird Or contact us directly - @SocialSongbird_
Entrepreneur, international speaker on Social Media Marketing. First one in the UK to write and speak in conferences about Twitter as a marketing tool. Consultant to Corporate Companies, Government Organizations, Marketing Managers and Business Owners.
Aspiring novelist with a passion for fantasy and crime thrillers. He hopes to one day drop that 'aspiring' prefix. He started as a writer and soon after he was made Executive Editor and Manager of the team at Social Songbird. A position he held for 5 years.
Adrienne is a passionate writer with experience in editing, content creation, and social media marketing. She’s a lover of animals, helping others improve their writing, and 2000s pop culture.
Musician, audio technician, professional tutor and a Cambridge university English student. Interested in writing, politics and obsessed with reading.
Recently graduated with a BA in English Literature from the University of Exeter, and he is about to study an MA in Journalism at the University of Sheffield. He is an aspiring journalist and novelist; in his free time he enjoys playing chess, listening to music and taking long walks through nature.
Lucy is an undergraduate BSc Politics and International Relations student at the London School of Economics and Political Science.
Anna Coopey is a 4th year UG student in Classics at the University of St Andrews in Scotland. She is a keen writer and researcher on a number of topics, varying from Modern Greek literature to revolutionary theory.
Ellie is a recent BA English Literature graduate and aspiring publisher with a passion for writing. Her favourite pastimes include reading and shopping.