There’s a new player on the Czech banking scene – Partners Banka, which stands out by allowing customers to manage their finances exclusively through a mobile application. Paradoxically, the bank ranks amongst the largest in the market in terms of the number of brick-and-mortar branches.
Partners Banka obtained its banking license from the Czech National Bank last August. Under its brand, it will utilize 175 brick-and-mortar branches of the Partners group, making it the fourth-largest network in the Czech banking market.
The bank will offer three variants of service packages: for individuals, couples, and families. For example, it has a unique product in the market for couples: a shared account where both account holders have equal rights. In other banks, it is common that only one of the couple is the account owner, with the second person merely being an authorized user with limited rights. However, managing this type of account at Partners Banka will come with a fee of 49 korunas per month.
The bank will be Mobile Only, which means the only tool for managing finances will be the Partners mobile application. The bank does not offer internet banking via a web browser for security reasons, as there is a higher risk of so-called phishing on the web, explained CEO Marek Ditz. The bank added that new features will be added to the application over time. For example, starting in May, it will allow connecting regular accounts from other banks, including an overview and payments.
Partners Banka will offer a savings account with an interest rate of 6.03 percent. Only Trinity Bank provides a better interest rate of 6.3 percent than the competition. Loans and mortgages will start to be offered by Partners Banka in the fall. The bank’s capital currently amounts to three billion korunas, which are participated exclusively by domestic entrepreneurs and collaborators of the group.