Disrupting Financial Services
Can Revolut become the Amazon of banking?
Revolut is one of the hottest Fintechs in the world. Clients love the service. Attracting 8’000 new customers per day, the company has grown its customer base to over 3 million customers in less than 3 years. The reason is clear – Revolut saves clients up to 6% on their transactions in foreign currencies by offering the interbank exchange rate. This, because its digital platform is cheaper to run than the legacy infrastructure used by incumbent banks.
Looking ahead, Revolut aims to become the Amazon of banking. They already offer from current accounts to travel insurance and will soon offer free trading.
Moreover, the firm is looking to increase its presence in Switzerland by offering Swiss clients their own Swiss IBAN account number later this year. With over 50’000 Swiss clients already, Revolut could become a household name for Swiss clients in the medium term, competing directly with incumbents for the loyalty of their prized Swiss clients.
This is why we invited representatives from the Swiss banking industry to discuss the opportunities and risks the Revolut offering represents in the Swiss market.
November 26, 2018