The evolutions of both banking and transactions have caused disruptive changes and have effectively altered the human lifestyle. As most of the daily chores depend highly on transactions, it is vital to understand how the payment/finance landscape evolved over time. A few years ago, the powerful means of digitalization has swept away all the drawbacks of the finance industry. By closely observing the trends of the digitalization, it is quite evident that the digital mode of payment has successfully played a higher role in cutting down the time and errors—offering a more secure mode of payment. This was also followed by mobile banking which led to on-the-go transactions.
Today, human behavior has drastically changed as compared to earlier. The involvement of digital mode of payment is now higher—indicating toward newer modes of payment. It also means there is a vast requirement of a comprehensive company which can help in providing digital payment supporting all the options available. With COVID-19 in the picture, the popularity of mobile banking platforms has increased more than ever. This brings attention to N26—a company established in 2013, providing a mobile banking platform transforming the banking system.
A New Banking Solution
N26 has reimagined the banking experience for today’s digital lifestyle making it faster, flexible, and transparent. As one of Europe’s fastest-growing mobile banks, N26 has more than 5 million customers in 25 markets. It offers a perks program with a debit card that allows getting cashback and discounts directly into the account. With a continuously updated roster of new offers and partners, the perks program complements the everyday lifestyle. Another popular N26 feature is Spaces, which allows customers to create and personalize sub-accounts for managing saving goals and budgets in real-time.
N26 has redesigned banking for the 21st century. One of the unique product features includes the ability for customers to get their paycheck up to 2 days earlier with a direct deposit. The new mode of payment with Apple pay and Google pay integration has made more ways to easily fund the account including top-up, ACH+Act linking, ACT/OCT, and direct deposit. With the mission to empower users to live and bank their ways, N26 is now expanding in the US.
Focusing on the growth
“We are just getting started in the US and evolving our feature set based on customer needs, and we are continuing to invest in product innovation to develop an even wider range of localized products and services specifically for our US customers,” said Alexander Weber, Chief Growth Officer at N26. “Our focus is on growth, increasing our user base, and listening to our current customers by providing them with features and services that they love to use.”
The company has been successful and rapidly grown throughout Europe and now the US which is a testament to the fact that consumers are yearning for change. The financial industry will continue to become more digital as user behavior (particularly among millennials and Gen Zers) has shifted more toward phones and mobile devices. Today, users need simpler, more intuitive, and more personalized personal finance. N26 recognizes the importance of this collective need for a new banking solution and it is invested in the next generation of digital-first users. The company has reinvented the banking experience to make it fast, digital, and easy to use.
Overcoming the Challenges
The finance industry is very dynamic and is affected by various external and internal environments, especially with the customers’ behavior.
Another aspect that needs high attention is security. To minimize the risk of cybercrime, N26 deploys a higher level of the trusted system that centrally focuses on security and prevention of financial crime. Funds held in N26 accounts are also covered by all the requisite statutory requirements of a licensed bank and are protected up to 100,000€ under the German Deposit Protection scheme. In the US, N26 accounts are FDIC-insured through its partner bank, Axos Bank®, Member FDIC. This means that deposits in N26 accounts are insured up to $250,000. Also, N26 has a close and collaborative relationship with regulators and financial authorities and works in close partnership with them on all topics relating to its banking operations.
Rethinking The Banking Choices And Workstyle
COVID-19 has prompted people to rethink their banking choices and habits. Contamination concerns and the fact that brick and mortar banks were closed, led people to reconsider the cash they handle every day. Even before COVID, the customers have asked for contactless payment options. Now, with Google Pay and Apple Pay available on N26, users can use their device to securely pay at millions of locations, online or in-store, without reaching for their wallet. These features were greater adopted by the customers in a short time.
Strengthening the Commitment
Since the outbreak of COVID-19, N26 has been at the forefront of the pandemic aiding others with their financial transaction via its unique range of solutions. Another challenging aspect of the COVID-19 is the introduction of remote working while this change is said to be circumstantial. N26 has mended its way with the remote working by making it more interactive. It instituted regular check-ins with employees on video, along with virtual social hangouts called “virtual kitchens,” where employees can talk informally about hobbies, children, and other non-work topics to stay connected.
Overall, remote work has strengthened the global nature of the business and shifted the company’s focus to being more inclusive across time zones. This strengthens the commitment to making the video experience better for everyone.
Read More: The 10 Best Financial Solution Providers to look for in 2020
