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Revolut - a bank worth considering?

category: Business

Gone are the days when people would simply deposit their money in a bank and wait for it to accumulate interest.

Today, customers want more from their banks, and with the rise of fintech companies and alternative financial services, they now have more options than ever before.

Woman sitting in office at her laptop, holding a mug of coffee

One reason why people want more from their banks is the increasing importance of convenience and flexibility. With the rise of digital technology, customers expect to be able to access their accounts and perform transactions from anywhere, at any time. Banks that do not offer convenient and flexible services risk losing customers to competitors who do.

People want more from their banks and a desire for personalized and innovative services. Many customers now expect their banks to offer tailored solutions that meet their individual needs and goals, such as personalized investment advice or budgeting tools. They also expect their banks to stay up to date with the latest technology and to offer innovative products and services that enhance their financial lives.

Transparency and trust are important. In the aftermath of the 2008 global financial crisis, many customers became disillusioned with traditional banks and financial institutions, and are now seeking alternatives that offer more transparency and accountability. Customers want to know that their banks are trustworthy and that their money is being managed responsibly and ethically.

Overall, people want more from their banks because they are looking for financial partners that can provide them with the services, convenience, and trust they need to achieve their financial goals. As the financial services industry continues to evolve and adapt to changing customer demands, banks that prioritize customer satisfaction and innovation will be best positioned to succeed.

Enter Revolut

A fintech company that offers a range of financial services, including banking, foreign currency exchange, and cryptocurrency trading. Founded in 2015 in the United Kingdom, Revolut has quickly become a popular alternative to traditional banks, with over 15 million customers in more than 35 countries.

Mobile phone showing the Revolut card image on screen

One of the key features that set Revolut apart from traditional banks is its focus on digital and mobile banking. Customers can sign up for an account in minutes using the Revolut app, and can then manage their finances, including making payments and transfers, tracking expenses, and setting budgets, all from their mobile devices.

Another unique feature of Revolut is its multi-currency account. This allows customers to hold and exchange up to 28 different currencies, including cryptocurrencies such as Ripple's XRP, Stellar's XLM, and also Bitcoin, without any hidden fees or exchange rate markups. Revolut also offers a range of travel-related services, such as travel insurance, airport lounge access, and flight delay/cancellation compensation.

Revolut's success can be attributed in part to its innovative approach to banking and its focus on providing a seamless user experience. However, like any financial service, there are also some potential drawbacks and concerns to consider such as possible account freezes that have been reported online. 

Revolut offers a crypto trading option on their accounts,

Revolut allows users to buy, sell, and exchange various cryptocurrencies such as XRP, XLM, Bitcoin, Ethereum, and Litecoin (these may change over time). This feature has proven to be very popular among Revolut users, as it provides a convenient and accessible way to invest in cryptocurrencies, without having to use separate platforms or exchanges.

The crypto trading option on Revolut is very easy to use, with users being able to purchase cryptocurrencies directly from their Revolut account with just a few clicks. Revolut also offers real-time exchange rates and allows users to instantly exchange their cryptocurrencies for fiat currency, making it a very flexible and convenient option for those looking to invest in digital assets.

Chart of the crypto markets with candles

However, it's important to note that investing in cryptocurrencies is not without risks. The value of cryptocurrencies can be highly volatile, and investors should be aware of the potential risks and fluctuations in the market. Nevertheless, Revolut's crypto trading option provides a simple and accessible way for users to invest in digital assets and potentially benefit from the growth of this rapidly-evolving market.

Overall, Revolut represents an exciting new player in the financial services industry, offering customers a convenient and affordable alternative to traditional banks. As the company continues to grow and expand its offerings, it will be interesting to see how it evolves and how it competes with other fintech companies and traditional banks.

Revolut still seeking a banking licence

Revolut, has been pursuing a banking license in the UK for some time. However, the company has recently expressed frustration at the delays in the licensing process, with CEO Nikolay Storonsky accusing regulators of slowing down its application.

In a recent interview with The Times, Storonsky expressed his dissatisfaction with the UK business environment, stating that "it is hard to do business in the UK." He cited higher taxes and an overly bureaucratic regulator as some of the challenges faced by the company.

Storonsky also commented on the impact of Brexit and the Covid pandemic on the UK's attractiveness for talented people, claiming that the complex and unclear regulatory requirements have prevented them from competing globally.

Despite these challenges, Revolut continues to expand its operations globally and offer innovative financial services to its customers. However, the company's complaints highlight the need for regulatory reform and a more business-friendly environment to ensure the continued growth and success of fintech companies in the UK.

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Please Note:

The information presented in this article is for informational purposes only and should not be construed as an endorsement or recommendation of any particular company, product, or service. The views and opinions expressed in this article are solely those of the author and do not necessarily reflect the official policy or position of any organization or institution. Readers are advised to conduct their own research and exercise their own judgment when making decisions about companies, products, or services.


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