N26 Reaches Over 7 Million Users
N26, a leading digital bank, recently celebrated surpassing 7 million clients throughout US and European markets. When they successfully reached EUR 5.5bn monthly transactions, N26 proved the overall sturdiness of a digital worth proposition. By concentrating on improving and scaling their digital banking, N26 managed to keep up with their customers’ ever-changing demands.
While individuals search out easier ways to bank digitally from home, without ever stepping foot inside a brick-and-mortar building, digital financial options will remain on the rise. However, as more and more customers turn to digital solutions during this current pandemic, N26 continued to observe progress in a positive direction. As a result, N26 experienced a high influx of monthly transaction values, reaching over EUR 5.5bn. With this in mind, in order to best serve their clients, N26 must maintain a focus on developing new digital items related to daily banking, directly.
Driven Toward a Stronger Customer Experience
Last year, in 2020, N26 mainly focused on delivery of new features, acceleration of the innovation pipeline, and service to clients during the pandemic. This enabled N26 to deliver a wide range of product launches to an elaborate assortment of clientele. Through the extension of their card portfolio, and the introduction of a new premium subscription service, N26 has been able to offer buyers exceptional digital banking services at a competitive value.
During the worst point of the crisis, N26 remained vigilant with the introduction of Instant Banking capabilities, to enable clients to access funds while awaiting the arrival of new physical cards. Paperless, branchless account opening was also introduced, to better serve their customers in a touchless society. Their new Round Up function also allowed clients to make saving more effortless, by automatically rounding purchases to the nearest Euro, setting the leftover aside into a separate account. And, finally, N26 extended their travel insurance, to ensure pandemic related statements were covered.
N26 continued to invest in improving their overall client experience, in order to better serve larger, more diverse customers. N26 provides digital banking, with live customer service agents available seven days a week, in five languages. They plan to continue purchasing specialist training, while also developing future chatbot abilities for more self-service oriented experiences.
Industry Leadership Starts Here
N26 has big plans for new service offerings in 2021, such as the expansion of core banking membership and online payments. This will not only serve to boost the spread of their banking revenue streams, but also serve a fresh, larger client base. For example, N26 is planning to build out a seamless link to the monetary ecosystem from the inside, extended through a new N26 marketplace. N26 is also investing into the expansion of staff, by more than 200 internationally, focusing mainly on increasing the product or service dimensions.
With plans to continue providing appropriate, timely features, N26 is going to offer items such as advanced statistics (to offer buyers a better understanding of investing behaviour), virtual cards, extra neighborhood payment options, enhancements to Spaces, and much more. And, finally, in an effort to make further improvements to consumer trust, N26 is going to invest into the optimisation of Customer Operations. This will be completed by fortifying customer care quality, through specialist training, chatbot enhancements and addons, and even the addition of self service app functionality.