As the market closes to the saturation point, most challenger banks get satisfied with what they already have, or breaking even. That is not the case for Revolut, as the app plans to conquer new markets.
It was started by a former Deutsche Dev-Ops and Credit Suisse trader and is currently doing whatever it could to get the biggest chunk of the Asian market possible. The launch started in 2019, but it’s not the only endeavor that the firm is conducting. They are actually trying to become widely present in Eastern and Central Europe.
The specific regions of Europe
Although some may consider it to be a big, unified and international market, that is not the case. Actually, it’s quite the opposite, as we could encounter from 9 to 20 (depending on who is giving the expertise) CEE markets. Every one of them has a distinct language preference and highly individualistic societies. Stefano Bogucki, who is one of the company’s PR representatives, compares it to the big puzzle box.
According to Revolut, Central and Eastern European countries represent a more and more stable environment, a curious population, and a positive attitude towards new solutions and services. But with almost 200 million residents it’s a possible haven for a company like Revolut. Poland, which is the strongest bank’s toehold with over 300,000 clients, shows the best strategy, that the company should have.
The solution appeared to be tight cooperation with local influencers and building the company’s image as honest, approachable, and careful towards the sensitivities of the community. The secret, according to Bogucki, is indeed transparency and swift communication with customers. As Revolut became upfront about its problems and issues, the community has put more trust in the bank.
To follow the story, feel invited to read the original Disruption Banking piece. You can find a comprehensive analysis of the topic there, as well as additional information on it: https://disruptionbanking.com/2019/01/11/revolut-reveals-its-latest-european-target/.
Comments
Post a Comment