Recevied the follwoign email today:
Nice to see that Revolut is customising their products as per US customer requirements. US is more competitive market than UK & Europe. It is not goign to be easy to win the customers over the traditional main street banks such as Chase, BoA, Wells Fargo, Citi, etc.
Well, I wouldn’t agree to the US being more competitive. It’s just culturally very very different.
Europe is generally very overbanked. Competition sometimes happens just in very different places. US households are using traditionally revolving credit cards, where in Europe a credit line for the debit account is the more common way to finance everyday spending. Free transfers are pretty common in Europe, and it just became a thing with Venmo and Zelle in the US. Even before fintech became a thing, free accounts, often with credit cards (charge), were widely available, and generally still are even after some adjustments in the market lately.
Revolut may be little late entrant into US fintech market. Chime has garnered a lion’s share of fintech market. Robinhood is a trailblazer in commission free trading. Revolut needs to be creative in its offereing to poach the customers from these 2 giants.
Sure, it’s very reasonable to adapt the business to fit regional markets.
IMHO, Revolut needs to beat the drums whenever they launch a new feature or promotions. Currently, Revolut is so modest with its marketing. With every update, the app gets a new feature. We need to go on a treasure hunt to find out the new feature or promotions.