The phrase community banking usually conjures up images of branch banking in small towns, but at Fidor Bank it has a totally different meaning. The Munich-based bank has no branches and instead has a user community in the digital world, where customers can interact and transact with each other.
As well as social media, cutting-edge options such as digital currencies, peer-to-peer lending and crowdfunding are all part of the bank’s digital strategy. Fidor Bank operates on a principal of openness, of creating peer-to-peer connections for customers where they have the freedom to choose from a range of services that are offered by partner companies. And, in May 2014, the bank added another option for its customers: payment network Ripple.