Launched over two years ago, Revolut is a completely different company tothe fintech start-up establish in July 2015. It has drastically expanded in both size and resource, with offices across the globe and an ambitious plan to revolutionise the financial industry by offering a faster, slicker, cheaper and more accessible way to handle finances.
We spoke to Head of Brand and Communication, Chad West, to find out just how Revolut have managed to disrupt the finance industry.
Amazon of Banking
“Whether you are looking at your insurance, pensions, mortgage or credit, as well as your day-today banking and investments, everything will be locked within that one Revolut account.” Chad Explains.
Revolut currently offers both personal and business accounts. Users can store, transfer and exchange money without any fees using their Revolut account.
We Listen to Our Customers
The key to Revolut’s success is down to their customers. Revolut actively seek suggestions from their customers to improve their services and allow their services to progress based on their customers needs. Most recently, Revolut surveyed over 10,000 users across its community forum and social media channels and received an overwhelming response in favour of introducing crypto currencies to their services.
“Our service is all about delighting the user and how we do that is by interacting with the user and asking them, ‘what do you want?’ Of course things like Apple Pay were in there, but number one was crypto currency.”
Working with Bitstamp, Revolut have the ability to conquer the crypto market. Not only are Revolut able to reduce fees from up to 6% down to 1%, they allow users to store their currency in a safe and secure place. Since then they have seen huge user growth. “It’s incredibly exciting for Revolut because since we announced that it is something we intend to do; we’ve seen huge user growth.” But, Chad insists that Revolut do not want to become solely a crypto platform.
The average age of Revolut employees is mid-twenties. This is wholly reflected within the products and services Revolut offer. “If you look at Revolut, the average age is low twenties. People are very much falling in that millennial category. They are not just thinking about what it needed now, but what’s going to be needed in five, ten years.”
Like any good technology company, Revolut’s team of talented developers are at the heart of everything they do. “If we listen to our users one day and see there is a requested feature more so than others, we can work hand-in-hand with some of the best developers in the country and have that done within months, if not weeks.”
Chad describes how CEO and founder does not hold anyone back. Nikolay Storonsky is at the heart of everything, ensuring deadlines are met and bureaucracy culture, typically associated with financial services, does not slow down the pace of innovation and development.
“We’re always thinking in advance; we’re never just thinking in the moment.”
Working in a technology company requires an agile, fail fast approach, and this is the stance Revolut adopted.
“Revolut prides itself on being incredibly disruptive and everything we do is about time - we want to be the first in the market. The culture at Revolut is incredibly fast-paced. In order to be number one, we need to move at that pace.”
We Don’t Want to be a Bank
One thing is clear – Revolut are not trying to be a bank. Many of Revolut’s competitors began by applying for a banking licence in the hope of rolling out current accounts, but Revolut is doing things differently.
“Our goal is not to have current accounts with a bit of tech, our view is to be that one app you can use to manage your entire financial life.”
Banking licenses take up a lot of capitol and development time, and Revolut would much rather focus on product and innovation. But, the fintech is proving that a banking license is not necessarily crucial to a financial service company. Thanks to their e money licence and FCU regulations, Revolut can actually offer around 80-90% of what a bank can do.
“Even though we are not a bank, people are using Revolut as their primary card taking advantage of our unique selling points.”
Regulations are Great
Working at such a fast-paced environment, you would think that regulations weren’t look so kindly upon by an agile fintech start-up. Regulations have been known to inhibit innovations. But, Chad explains how regulations are actually supportive of Revolut.
“London would not be the hub and the choice of fintech desitination it is today without regulation.”
Chad describes the UK as having the best regulatory environments and how these regulations are incredibly supportive of fintech.
Revolut have recently applied for a European banking licence, further demonstrating the how quickly this industry evolves. The acceptation of this licence would mean Revolut could broaden their services and move one step closer to becoming a bank.
This does not mean they are starting from scratch, however. Using their agile approach, Revolut will build new features on top of their existing cards to enable seamless progression.
Revolut demonstrate how a customer centric approached paired with an agile, fast paced working method can prove a winning combination. Working with a forward thinking attitude allows the fintech company to be one step ahead of their competitors and enable innovative development.
The bank of the future has arrived.
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