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Report: Sparkassen to launch a 'smartphone bank'

Several large sparkassen teamed up to launch a"smartphone bank" that may go against the ethos of Germany'sregionally focused savings banks, SüddeutscheZeitung reported May 2.

Defying the sparkassen's reputation for being"slow-moving," a group consisting of at least eightlenders is developing a current-account app to compete with the one launched byBerlin-based fintech startup Number 26, which attracted more than 100,000customers within a few months, the newspaper said.

The banks reportedly include , BerlinerSparkasse, Hamburger SparkasseAG, StadtsparkasseMünchen, DieSparkasse Bremen AG, Sparkasse KölnBonn, Kreissparkasse Esslingen-Nürtingen and .

Code-named "Yomo" — short for "yourmoney" — the project goes against the ethos of the sparkassen because thelenders involved want to use the new app to attract customers outside theirhome regions, Süddeutsche Zeitungsaid. It added that smaller lenders within the savings banks network might beable to obtain a license for the use of Yomo, which is aimed at 18- to35-year-olds.

The app is reportedly due to be launched in the fall.