Economy & Politics

FintechDie Check24-Bank: The account as an anchor

Check24 launched its Fintech C24 on Tuesday.John Hunter


At first glance, the Check24 account is just one offer among many – and that in a highly competitive market. With the C24 app, you can do banking in the future and analyze your own expenses. Users of banking providers have got used to this for years; there are similar offers from the smartphone bank N26 or the direct banks Comdirect and ING. It’s the standard. Well implemented, but no surprises, is the first judgment of the experts.

At second glance, however, it becomes clear that Check24 is pursuing its own strategy with the account. C24 does not necessarily have to be the customer’s first account, said Check24 boss Christoph Röttele in an interview with FinanzSzene.de. For example, the salary is deposited in a first account and the customers use it to spend most of their expenses. This account is particularly valuable for banks, because it allows a good overview of the customers’ finances and it is used for crucial transactions.

Check24 takes a different approach: It enables customers to integrate additional accounts right from the start – and to see all their income and expenses in their own app. According to the so-called PSD2 directive, banks must provide this technical interface, as the Check24 boss emphasizes in the FAZ interview. In this way, Check24 also gains insight into the most important financial data of the users. Because the provider’s calculation is that many users will integrate their main account. Multibanking is an advantage for customers – competitors like N26 have not yet introduced it.

The feature is another means of keeping customers in the app and on the portal. Throughout its offering, the company is working to ensure that its customers hardly have to leave the comparison portal at all, even if they take out a mobile phone contract or an insurance policy. When in doubt, users are not even aware of who has just given them a loan or sold insurance; the Check24 brand is particularly present. In the digital world, customer access is one of the most important prerequisites for establishing yourself in the long term.

The comparison portal is thus expanding its powerful position at the interface to the customer with the account – especially since bank customers identify themselves when registering and will no longer have to do this in the future. It is another anchor to keep customers in the Check24 product world.

By the way, there is no interface with which users of other banks or multibanking apps can integrate the C24 account at the start. The connection is “in the process of being finalized” and will be “available soon”, according to the company. For now there is only one-way transparency – as Check24 uses.

The text was first published by Finance Forward, the finance portal of Personal-Financial.com and OMR. You can register for the daily newsletter here.

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