Can you imagine being able to manage all your finances from a single app, without commissions, sending and receiving money instantly and with a card that allows you to pay in more than 150 currencies? This is what the company that has put all banks in check in Spain offers and also confirms the unstoppable rise of digital banking, which is shaking the foundations of the financial industry.
The company that has put the banks in check
Whereas in previous years it was the traditional banks that took most of the new clients, today it is a company in particular that is revolutionizing the financial sector: we refer to Revolut who is leading when it comes to the acquisition of new customers, with only BBVA being able to stay afloat in the face of this tide of change.
A recent report by the Inmark Group, carried out between the months of March and June 2023, reveals that a staggering 12.8% of new customers who open bank accounts choose Revolut as their financial institution. This figure shows that more than one in ten people who decide to open a bank account opt for this digital entity. These data surpass Caixabank for the first time, whose market share has decreased from 30% in previous years to 9.3%.
Born in 2015, Revolut is establishing itself as an attractive alternative not only for new customers, but also for those looking for a second bank. More and more, Revolut resembles a traditional bench, but maintains distinctive features that make it particularly attractive. These include the ease of use of its application, the absence of commissions and ‘cashback’ programs when making purchases online.
The report also highlights that only 50.6% of Spaniards work exclusively with a single bank, and on average, each person has banking relationships with 1.73 institutions. This tendency to spread money across multiple banks has positioned Revolut as a popular choice for the role of second bank.
The increase in the use of digital banking in Spain
Revolut currently has more than 1.8 million customers in Spain and is second only to BBVA as the most popular bank at the moment. Although other players such as ING (7.5%), Santander (12.6%) or OpenBank (4.4%) have also experienced growth due to ‘fintech’ characteristics, they are in lower positions.
The demand for commission-free and user-friendly financial apps is evident among customers. Despite the fact that many traditional banks are adapting to these needs, there is still a gap in the offer of digital services that Revolut has been able to successfully fill.
To attract new users, Revolut has adopted a strategy of rewarding those who refer and sign up friends with money. Globally, Revolut already has more than 30 million customers and in Spain it has added 450,000 users in the last six months. Digital banking is experiencing a golden moment, and traditional banks need to pay attention and adapt if they want to stay relevant in this new financial paradigm.
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