- Revolut ranks #3 on our APAC’s top 10 retail neobanks to ace CX.
Revolut Company Profile
Revolut 8-point customer experience parameter analysis
Top customer experience initiatives
#1 Money management
With this feature, the customer can:
- Set limits manually or set the recommended limits based on spending predictions
- Get real-time notifications to stay on track
- Get a clear view of their spending with a breakdown by merchants, categories, countries, and more (Figure 1)
- Control all subscriptions in one place
- Organise bills with the Revolut Pockets feature
- Get full visibility of all accounts in one place
- SavingsVaults feature to set aside money for specific uses
Figure 1: Clear view of spending with breakdown with categories, merchants and more
#2 A robust open banking system
Rather than creating in-house insurance, lending and wealth products, Revolut allows third parties to integrate their products on its platform, giving customers an array of options to pick from. Revolut also uses data collected from third-party applications to understand customer spending and their goals to create personalised financial solutions.
Some of these integrations include:
Customers can integrate their Revolut business account with Slack to receive real-time notifications on the popular messaging app.
Zapier is another integration example – the online platform allows Revolut customers to connect to the many apps they use every day. They can automate tasks, streamline workflows and ultimately save time. Additionally, Zapier enables Revolut business account holders to combine their accounts with apps of their choice. These automation options are endless, allowing customers to create bespoke solutions that will help to make their business run smoothly.
Revolut Shopper is an excellent cashback and discounts extension of the neobank. Launched in 2021 as its browser extension, Revolut Shopper automatically finds and applies discounts and deals at selected retailer websites. The more the customer uses their card, the more personalised the offers get. For instance, if the customer is a frequent traveller, Revolut will curate hotel deals for them. This extension includes discounts on e-commerce websites, utilities, entertainment, and travel. The neobank has already partnered with top brands, including Amazon, Nike and Lazada.
In addition to this, customers earn cashback every time they spend.
#3 Sherlock security
Apart from offering simple in-app card lock settings, Revolut provides additional security to its users:
- Sherlock: Sherlock is a state-of-the-art fraud detection system launched by the neobank in 2019. It uses artificial intelligence and machine learning (AI and ML) technologies to monitor and evaluate user transactions under 50 milliseconds. If it spots an anomaly in the spending behaviour, Sherlock automatically blocks the transaction, freezes the user’s card, and sends them a push notification. If the user confirms the transaction, the system unblocks the card automatically. According to Revolut, Sherlock prevents 93 out of 100 fraudulent activities.
In addition to this, Revolut also offers:
- Location-based security: this feature is handy for people who travel a lot. It monitors the customer’s locations to detect and prevent any fraudulent transactions.
- Single-use cards: The user can pay online with single-use cards; details refresh once the purchase is complete for added safety
- Instant payment notifications
- In-app card control
Other customer experience initiatives
| Success story #1: Spare change for social impact Revolut enables its customers to donate their spare change to a charity they care about. They can also set up one-off and recurring donations. This feature is currently available in Australia and Singapore. |
| Success story #2: Trading in cryptocurrencies Another valuable offering Revolut provides is its app as a platform for cryptocurrency trading. The platform supports Bitcoin, Ether, Litecoin, Ripple, and Bitcoin Cash. The easy-to-navigate format of this offering makes crypto trading more accessible than ever before. It also supports trading features like an auto-exchange, so that customers can gain from price fluctuations. Currently, this option is only available for Australian customers in Asia Pacific Countries (APAC). |
How you can match up to Revolut
- Introduce personalised cashbacks and rewards
- Integrate AI-ML technologies to make a robust digital identity framework
- Marketplace integration with Third Party Providers (TPPs) to offer a variety of products and services to your customers
Actionable insights for Revolut
- Gamify customer experience using AR technology to locate nearest ATMs, partner restaurants and retail shops and build a reward system around it
- Introduce gamification supported by predictive analysis where the customer gets points for saving
- Unification of the services it offers across APAC
- Introduce personalised insights for investments in crypto and commodities
Read the full report here.