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Hello everyone, welcome to the channel of George and Charlotte! In the last video, we talked about Check24, as German price comparison network giant and a veteran of German financial technology We talked about the market turmoil caused by the German price comparison network giant, and basic mode of price comparison network. In this video, we are going to talk about how check24, as the veteran of German fintech, compete with the emerging fintech companies? Recently, the emerging German fintech companies are now sweeping across Europe. In October 2020 check24's mobile banking service C24 was launched. It actually launched a free account and a cashback service. The CEO of check24 said that check24 will not compete with other banks. Is this true? In addition, check24 started to build its own VC venture portfolio a few years ago. How is this investment portfolio now? If you haven't watched the channel of George and Charlotte, let me introduce to you. Our channel mainly introduces the new technology life, hot business opportunities and financial tips in Germany and Europe.
With the channel of George and Charlotte, Your life will become better. Have a Nice Life! In this video, let’s take a look at mobile banking service of Check 24, C24, which is launched in October 2020. Let me introduce the general background to everyone. The EU is now in the era of "negative interest rates", which means that you deposit money in the bank, not only without interest, but you have to pay the bank money. Now some local banks in Germany have begun to "clean up" large savings deposit users and want to terminate their contracts with them. The number of German banks that offer unconditional free checking accounts (Girokonto in German) is rapidly decreasing. However, Check24 launched mobile banking at this time, including three different levels of checking accounts C24 Smart, C24 Plus, C24 Max. Among them, the C24 Smart basic account is an account without management fee. Next, I will introduce their features from the following dimensions: 1. Expenses and basic functions. 2. Open banking functions. 3. Cash-back function. Firstly, costs and basic business functions.
Among the three accounts C24 Smart, C24 Plus, and C24 Max launched by Check24, C24 Smart is free of account management fees, C24 Plus is 5.9 Euros per month, and C24 Max is 9.9 Euros per month. After opening the account, you will receive the associated Mastercard, which can be used in POS machines, ATM machines or as electronic payments as well. If you use your C24 account frequently, you can also withdraw money from ATMs for free. For C24 Smart account users, you can withdraw 4 times per month for free; for C24 Plus 6 times a month, and for C24 Max 8 times a month for free. In addition, C24 accounts have overdraft services. C24 Smart has a monthly overdraft limit of 400EUR, C24 Plus has a monthly overdraft limit of 600EUR, and C24 Max has a monthly overdraft limit of 800EUR. Finally, there are sub-accounts attached to each account, and users can classify deposits into different sub-accounts according to their needs. C24 Smart has 4 sub-accounts, C24 Plus has 6 sub-accounts, and C24 Max has 8 sub-accounts.
Secondly, open banking functions. Users can add their accounts from other banks into their C24 account application and integrate them in the C24 APP for unified management. Not only bank accounts, but credit cards, housing loans, and fund wealth management accounts can all be integrated to be managed together. Users can use C24 accounts for family financial management, too. For example, users can check the fixed cost analysis of electricity, gas, and insurance contracts given by the C24 algorithm every month.
Because C24 belongs to Check24, the price comparison functions of Check24 about electricity, gas, insurance, and loan contract can also be used in C24. Users can directly switch to the cheaper contract provided by Check24. This open banking function includes not only Check24's internal products, but loans and financial investments from other banks too. C24 users can also use the services provided by Check24 and more than 300 cooperative banks. Thirdly, the cash-back function. I was shocked when I saw this feature for the first time. How did C24 return cash? Let’s see this example. A user uses C24 to pay NETFLIX's monthly service fee, such as 11.99 euros a month. C24 will return 10% of 11.99 euros to the user, or 1.2 euros. This service is limited to two paid accounts, C24 Plus and C24 Max. The amount of cash-back of C24 Plus is up to 10 Euros per month, For C24 Max up to 30 Euros per month. It can be said that the more you spend, the more you earn. Here, I must make a statement, I don’t have any commission from C24.
The service provided by C24 is really so attractive that the Consumer Protection Center stepped up again (laughing and crying): Consumers need to pay some prices for superior conditions of C24 such as users’ private information. This is an era in which personal data is exchanged for money or services. Through C24, Check24 can obtain the payment data information of a large number of users for their own big data analysis, continuously polish and improve the data algorithm model, and then use the model to customize services and push them to each different user individually. Let old users rely more on it, and let more and more new users join in.
Of course, this is not what Check24 is doing alone. Everyone does it, right? Next, I will talk about the competition between the old financial technology company Check24 and the emerging German financial technology company. In the C24, Check24 integrates three fintech sectors: the first sector is the insurtech, which impacts the emerging German fintech companies such as Clark, Knip and Getsafe; the second sector is deposit business covering the Europe, impacting emerging start-ups such as Weltsparen and Savedo; the third sector is the open banking application just mentioned, and impacted companies are Numbrs and Outbank. Check24 is ready to continue its previous advertising campaign In addition, the CEO of Check24 also clarified that it has one advantage, which can impact emerging startups the most. What is it? It is the huge price comparison plattform of Check24.
After integrating their existing platforms, C24 already have a fixed user base, and it is not difficult to acquire new users. However, emerging start-ups also have their tactics to fight against established giants: emerging fintech companies have begun to cooperate with traditional banks and financial institutions, or establish partnerships with each other to deal with the giants. For example, Vaamo (now Moneyfarm), which has Robo-Adviser technology, cooperated with Santander Bank and N26 from Berlin In certain areas, emerging financial technology companies have also slowly eroded Check24's market share. For example, Clark mentioned above in the insurance finance field is a strong rival of Check24 in insurance-intermediary field; FinanceAds impacts the financial marketing field; Finanzcheck seizes the consumer loan market.
These start-ups specialize in a specific field, Check24 has exactly opposite process of establishing a large platform, then slowly penetrating to small market segments. Recently, a startup company called Finleap from Berlin has become a hot new star. Its main business is also a financial product intermediary, targeting Check24 as its competitor. In addition, Ping An Insurance Company from China also invested 40 million euros in Finleap. Finleap hopes to use Ping An Insurance's assistance to impact Check24. Although Check24 is a veteran fintech company. It does not mean that it will not closely follow the development trend of the times. It also combined its own advantages with emerging companies. In October 2016, Check24 announced the establishment of its own venture capital fund and invested in a number of start-ups. Finally, let's take a look, what is the composition of the investment portfolio in Check24's venture capital business so far? -Lehrermarkplatz, translated as teacher platform (easy to understand). You can publish and exchange learning materials on the platform.
During the COVID-19 pandemic, the traffic on this platform doubled. -Campstar is a platform used to reserve campsites for camping. However, the company has now filed for bankruptcy and is in liquidation. -Möbel24 is a comparison platform for furniture. -Legalbird, a network platform for lawyers' intermediaries. -Zizoo, a company from Austria, provides intermediary services for chartering yachts. -Medilove, is a cosmetic surgery company operated by Check24. -Askcharlie, a platform that provides technical jobs, such as DJs, weddings, moving, fitness coaching, and nutritionist services, which is the content of the Check24 Profils section we introduced in the last video. -Gini whose main business is to provide banks with document recognition technology. -Risk42, developing software Which belongs to the risk control of financial technology. For example, it can be used to evaluate whether banks should issue loans to customers. In recent years, Check24 has not aggressively expanded its VC investment field. It chooses such a portfolio more like to consolidate and decorate its Check24 comparison platform empire. As mentioned earlier in the competition with emerging fintech companies, Check24 does this by first building a good platform and then infiltrating it from top to bottom.
Check24 did not completely jump out of its circle and took another path, but steadily relied on its existing huge price comparison platform and made adjustments afterwards. Did such a German financial technology veteran, a German price comparison giant bring you some ideas? Or some business opportunities? That’s it today. Don’t forget to follow, subscribe, forward and share! If you have anything to say, please leave a message in the comment area below. See you next time!.
