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This month's selection for innovation of the month is Telefonica’s announcement of its forthcoming O2 Mobile banking service in Germany. Offered in conjunction with Fidor Bank, this online bank account rewards users who make it their main salary account with additional mobile data.


  • Very few operators have become full-scale deposit-taking institutions. The fact that Telefonica has partnered with Fidor Bank makes this service even more interesting. Fidor is among the most innovative banks in Europe, and it has been very vocal about opening up all its services via APIs.

Features and Benefits

  • Discover Ovum's innovation of the month.
  • Learn about Ovum's views on whether a telco can be a bank.

Key questions answered

  • What impact on the market do we think this product will have?
  • What are the challenges Telefonica faces?
  • What are Ovum's recommendations for a successful banking strategy?

Table of contents

Ovum view

  • Summary
  • Operators in developed markets have had limited success in financial services to date
  • Telefonica is not the first, but it’s still a bold, innovative move
  • The online-only approach brings cost benefits but could downplay one of the telco’s strengths
  • Success will require differentiation through services; price alone will not suffice


  • Further reading
  • Author

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