Revolut, a UK-based neobank valued at $33 billion with 16 million customers, has raced to the top of its nation’s most successful start-ups list since its beginnings in 2015 and is just one spot down from the top of Europe’s. What is behind its quick ascension? What are its plans to expand? Are there any concerns that may slow it down?
Kieran Donoghue, the Irish Development Authority’s Global Head of Strategy, Public Policy and International Financial Services examines the continuing uncertainty around Brexit and role that Ireland can play as a strategic partner to the United Kingdom’s (UK) financial services industry.
According to a report commissioned by the UK’s Treasury, Britain’s financial services system is experiencing an existential skills crisis. Why? As digital start-ups have moved quickly to offer desirable working benefits such as flexible hours or learning and development opportunities, financial institutions have been comparably slow to react to new workplace demands.
Do you remember when banking meant wasting time queueing in-branch, or poring over paper statements? Thankfully, the industry has come a long way since then. Today, managing your finances is as easy as logging in to an app; and opening an account is as simple as verifying your identity with a selfie.
Cloud-native technology is revolutionizing not only software development but also banking operations, as banks that have already begun employing it are finding out. Is it hype or the inevitable future of banking? Cloud native’s benefits that include fast innovation, low cost, low risk, scalability and potential for profitable niches speak for themselves, and banks would do well to listen!