First Truly Digital Bank : N26
The Berlin based startup NUMBER26 offers the bank account of the future specifically adjusted to the needs of smartphone users
What is N26?
To put simply it’s a mobile bank. It’s a platform to open a bank account in 8 mins flat without any paperwork. it was built to revolutionize the banking sector.
Launched in 2014 in Berlin, Germany by Valentin Stalf, Number26 aims to disrupt the traditional european banking sector.
“We are providing Europe’ most modern current account, bank
account” – Valentin Stalf.
It’s everything you want your bank to be. It’s agile, its fast its constantly changing to suit users needs. In
traditional banks a customer has to send numerous documents, sign tens of forms, provide wide range of info. All new account opening process involves customer to visit the bank physically. N26 removes ll of these hurdles and you can open your account within minutes. All the formalities are done online through
website. The killer part is at the end of the process where a video call is started to verify you.
You get a MasterCard on completion of the process as well.
The most painful part of any online transaction is to make sure whether the money was wired or not. Generally we wait for a couple of hours or days to get that confirmation. This is where N26 has been trying to uplift user experience by instantly updating records as per the result of the transaction.
Using design, not just UI but enhancing the user experience while he/she is banking makes N26 the most cherished fintech company in whole of Europe. It’s a bank powered by design and User Experience.
“Design has changed a lot of industries” – Valentin Stalf,
Let’s face it, entire generation of earning class has moved to mobile in last decade but banks haven’t.
N26 has all the features of a traditional bank, only better. It makes a conscious effort through it mobile app to give a great experience to the customer. That is where it’s USP lies. They have an inbuilt theory of building a product based on what a customer needs the most. or e.g all their communication specifically reduces clutter and confusion and shows only most relevant info on the screen. Introducing the concept of One Click, which you normally unseen in banking domain, is a game changer in itself.
Another pain point for all banking customer is the cumbersome transfer process. Even to this day its a time consuming and tedious process to transfer funds to your contact. N26 has built a 3 step process for the same, hence making it a fan favorite.
Another major pain point is when you lose your credit card to theft or otherwise. This is a very crucial time, as you are in a rush to call up customer care and block your card before the thief empties your account. N26 has a one click process to block or unblock an a card through its app.
You can also turn off or turn or your ATM. N26 is a perfect example of a beauty with brains. They have a
killer looking UI plus a smart technology back-end to serve its customers.
The European Central Bank and the German regulator have given this banking license just a year and a half after the startup launched in Germany — since then, the startup is now also available in six other countries.
In addition to partnering with other fintech startups, Number26 can now build its own financing products, such as savings accounts, investment products, credit offerings and more. In other words, the startup will become a full-fledged bank faster.
N26 might still be far away from competing with major banks, but after acquiring 200,000 users, without any marketing, and millions of dollars it is surely on its way.
Watch out for this space for more information about N26.