PYMNTS-MonitorEdge-May-2024

Neobank Weekly: Revolut Launches New Initiative; Monzo Issues Scam Warning

Revolut Launches New Initiative This Week

Less than a week after London-based digital bank Revolut introduced a new payroll management service in the United Kingdom, the FinTech debuted a feature for “Stays,” its travel product.

The tool lets customers book their stay and pay upon arrival or upfront using the app at the time of booking. Revolut Premium and Metal customers get 10% cash back while Standard and Plus customers receive 7.5% cash back if they use the feature.

Read more: Revolut Lets Users Book Trips Now, Pay Later

FinTech Monzo Issues Scam Warning

While Revolut was simplifying travel booking and payment, Monzo Bank, the online bank based in the U.K., issued a warning to customers about fake text messages.

The texts, which appear to have come from the bank, tell Monzo customers to verify their account by clicking on a link embedded within the message. If duped, customers are redirected to a fake website, which tries to steal personal information, including bank account numbers, email addresses and passwords.

Bunq Makes Managing Money Easier With New Feature

Not to be outdone by its competitor Revolut, European digital bank bunq announced this week that managing money will be easier using its platform. In a blog post, the bunq team told customers to say goodbye to money transfers or currency exchanges.

Now, the Amsterdam-based FinTech offers a way to receive, hold, convert and spend in 15 different currencies with bunq’s app.

The Future of Digital Banking in the UAE

Meanwhile, the Digital Banking Adoption Report revealed 17% of consumers in the United Arab Emirates have a digital bank account while another 13% said they plan to open one in the next five years.

At those projections, nearly one-third of Emiratis will have a digital bank account by 2026. To accelerate the growth, the Central Bank of the UAE said its 2023-2026 strategy includes driving digital transformation in the nation’s financial services.

Credit Unions Tap Into New Markets

Not to be left behind in the digital transformation, credit unions, best known for the tellers who know your name, are working to catch up.

“I think it takes thoughtfulness and purpose around the type of experience credit unions want their members to have, regardless of the channel,” Denise Stevens, senior vice president and chief product and digital officer at PSCU, told PYMNTS. “That’s still a credit union’s challenge. They have to recreate this in every channel, regardless of if it’s digital, a branch, an ATM or a call center.”

See more: Digital Tools Unlock New Markets for Credit Unions

PYMNTS-MonitorEdge-May-2024