Is Open Banking the Future of FinTech? Analysing Industry Game Changers

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As the FinTech industry continues to evolve, the notion of traditional banking is being increasingly challenged. One game-changing company that epitomises this shift is Munich-based startup, Fidor Solutions. This innovative company has completely rewritten the playbook for banking services with their consumer-focused approach, paving the way for the future of the sector. But is open banking truly the future of FinTech? That is what we set out to investigate through the journey and offerings of Fidor Solutions.

Fidor Solutions is unquestionably a pioneer in the German banking sector, having established the first digital-only bank in the country. Recognised for their technological prowess and forward-thinking approach, they now provide their tech stack to other banking entities and startups across the globe, helping to drive the digital transformation in banking.

  • Key takeaways:
  • Fidor Solutions is revolutionising traditional banking with its open banking approach.
  • They have established the first digital-only bank in Germany.
  • Fidor now provide their tech stack to other banking entities and startups around the world.
  • Their open banking principles focus on co-entrepreneurship and customer value.
  • Their success is internationally recognised with multiple accolades under their belt.

What sets Fidor Solutions apart is their open banking principles that focus on collaboration and co-entrepreneurship. They work alongside other organisations, including those outside the banking sphere like retail, transport, and telecommunications, to design digital banks from ground up. More than merely providing tech solutions, Fidor ensures that their projects aim to bring tangible value to the customer. Their digital banking platform, fidorOS (fOS), has become a market breakthrough, reinforcing Fidor Solutions’ reputation as an industry transformer.

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Their partnership opportunities reflect their versatility and innovation, ranging from Inception workshops and Payment-as-a-Service, to franchising and licensing of its fOS platform. Fidor Solutions not only introduces new banking opportunities, but also empowers other entities to do the same, thereby catalysing the adoption of open banking principles. This approach has garnered them significant recognition from the industry including the “2017 Mobile Bank of the Year” award by Handelsblatt and the “2016 Digital Bank of the year” award by EUROFORUM.

The exciting journey of Fidor Solutions suggests a promising future not only for the company, but also for the broader FinTech industry. Open banking, by giving power back to the customers and prioritizing their needs, truly has the potential to revolutionise the sector. Through their continued emphasis on collaboration, innovation, and customer value, Fidor Solutions is setting an inspiring example for other FinTech companies.

With their growing global presence and unwavering commitment to open banking, we can expect Fidor Solutions to continue their trailblazing journey. Even as they trendset the FinTech industry, we should keep an eye on what they have in store for the future of open banking. You can follow their updates on their website, Twitter, Facebook, and LinkedIn pages.

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