Great article, interesting takes and comprehensive coverage!
It’s also great how neobanks broaden potential customer base, acquiring and banking individuals that were under/unbanked by incumbents. I remember waiting 2 months in one of the Vienna’s banks to get an account. But then with Revolut I’ve got another one within 30 minutes, instant experience lift
Thanks for your comment! I'm glad you found it interesting.
I hope to publish the second part next week looking at some other aspects of neobanks.
I totally agree that the change in customer experience has been immense. My belief is that in the long-term banks like Revolut will eat away at some of the legacy banks, especially as wealth moves to the next generation(s).
I believe older adults are somewhat concerned with having large deposits with neobanks as they don't quite trust them as much as they do traditional banks, but for millennials and younger, this concern isn't there.
I hope in Austria and other markets in Europe you'll get more competitors to Revolut in the future. We've been fortunate to have three really great neobanks in the UK, so it's been useful getting accounts with all three and comparing them.
Great article, interesting takes and comprehensive coverage!
It’s also great how neobanks broaden potential customer base, acquiring and banking individuals that were under/unbanked by incumbents. I remember waiting 2 months in one of the Vienna’s banks to get an account. But then with Revolut I’ve got another one within 30 minutes, instant experience lift
Thanks for your comment! I'm glad you found it interesting.
I hope to publish the second part next week looking at some other aspects of neobanks.
I totally agree that the change in customer experience has been immense. My belief is that in the long-term banks like Revolut will eat away at some of the legacy banks, especially as wealth moves to the next generation(s).
I believe older adults are somewhat concerned with having large deposits with neobanks as they don't quite trust them as much as they do traditional banks, but for millennials and younger, this concern isn't there.
I hope in Austria and other markets in Europe you'll get more competitors to Revolut in the future. We've been fortunate to have three really great neobanks in the UK, so it's been useful getting accounts with all three and comparing them.
Very interesting! Well done, Matt!
Thanks Thomas - much appreciated