The British Digital Bank Revolut has become the fifth in Italy, with over 4 million customers earned in just eight months of activity with the Italian Iban. Since the launch of the Italian bank account, the credit institution has attracted hundreds of thousands of customers.
The products offered now vary a lot, from investment accounts, to the esim. In the coming months Revolut aims to further expand its offer, with mortgages and credit cards. The expansion of the British digital bank in our country has also led Italy to become the fifth global market for digital banks.
Revolut is the fifth bank in Italy
In less than eight months since Revolut, British digital bank, has given its Italian customers the opportunity to create current accounts with IBAN codes of our country and no longer simply from another EU country, the number of people who started using its services has increased dramatically. Revolut touched 4 million customers in Italy.
In this way it has become the first completely digital bank of our country for customers, and also the first foreign institution. However, growth should not slow down. On the contrary, Revolut aims to reach 5 million users by the end of next year.
The “IBAN effect” and Revolut results
The reasons for this sudden increase in the number of customers are varied, and range from the increase in the products offered to a widespread advertising campaign. Among the revolut growth drivers, they stand out:
- the offer of a simple investment platform;
- the remunerated deposit accounts;
- advertising campaigns on TV and important sponsorships.
Nicola near, General Manager of the Bank in Italy, however, stressed that the most crucial element of this growth was the launch of the Italian Iban:
We witnessed a real ‘IBAN effect’: from the launch of the Italian bank account, a change has occurred in the use of customers. People who use revolut as primary account, crediting the salary, increased by 60%, more than total growth of customers (40%). In addition, customers who recharge the account with at least one thousand euros per month, indicating a use as the main account, grew by 630% compared to last November, when the bank was launched, confirming a “avalanche effect” in adoption.
The next steps, from mortgages to credit cards
In the near future Revolut intends to introduce credit cards and mortgages to Italy. The latter are already available in Lithuania, a country that has often served as tests for the operations of the British bank in the EU, and will arrive very short in France. They will be completely digital, without the need to go to the venue.
Ignacio Zunzunegui, Head of Growth Southern Europe, commented on Revolut’s expansion in Italy:
Revolut continues to pursue growth by establishing itself as the main bank for customers, with a continuous incremental process based on two axes: continue to acquire more customers, which support with the awareness of the brand and word of mouth, and launch more and more products required by users. The strategy is based on customer feedback to identify and solve specific problems, rather than launching functionality for the sole taste of doing it.
