N26 celebrates 7 million customers
Digital bank, N26, today celebrates surpassing seven million customers across Europe and the US, proving the strength of its digital value proposition.
Over 2020, N26 focused on improving and scaling its digital banking offer to keep pace with its customers’ changing needs. With more consumers turning to digital solutions amid the pandemic, N26 continued to see strong growth as people looked for new ways to bank safely from home without ever visiting a branch.
As a result, N26 saw transaction volumes at an all time high, reaching over EUR 5.5bn monthly, hence, its focus on adding new digital products focused on everyday banking for our customers.
N26 co-founder and co-CEO, Maximilian Tayenthal: “As we celebrate our sixth company anniversary, it’s inspiring to see that millions of people trust N26 to put their financial interests first. As a fully licensed digital bank, we have built a banking experience for the times we live in, not for a specific generation, especially in the confining and uncertain times we live in today.”
Strengthening the Customer Experience
In 2020, N26 focused efforts on delivering new features, improved service and more choice to customers during the crisis, accelerating its innovation pipeline with an array of product launches to serve evolving customer needs.
At a time where digital banking has become even more relevant than before, N26 extended its card portfolio, launching N26 Business Metal and introducing a new premium subscription, N26 Smart, giving customers access to its popular premium banking services at a competitive and economical price.
At the height of the pandemic, N26 introduced Instant Banking features so customers could add a digital card to their mobile wallet and start using their new digital account immediately while waiting for their physical card to arrive – for branchless, paperless account opening. In addition, N26 introduced a new Round-Ups feature, which automatically rounds up each purchase to the nearest Euro and sets it aside in Spaces, making saving during the crisis effortless and simple. Lastly, N26 extended its travel insurance cover with Allianz to cover pandemic-related claims.
2020 also saw N26 continue to invest in improving its customer experience to serve the needs of a larger, more diverse customer base. N26 is the only digital bank to live Customer Support in 5 languages 7 days a week, and continues to invest in specialist training, developing its chatbot capabilities and implementing more self-service features within the app.
N26 co-founder and CEO, Valentin Stalf: “Now more than ever, digitalisation and innovation are fundamental to Europe’s future. We will continue to bring exciting everyday banking features to millions of additional customers who still feel stuck in the offline world”
Building Industry Leadership
N26 is preparing to expand beyond its subscription, core banking and payments business to offer new services in 2021, increasing its range of banking revenue streams. This includes building out a seamless connection to the financial ecosystem from within the N26 banking experience, offered through the new N26 Marketplace.
In addition, N26 will further invest into growing its team in 2021 with a strong focus on increasing the size of its product and tech organisation by over 200, globally.
N26 will continue to deliver more timely and relevant features and products to customers including virtual cards, Advanced Statistics, which helps customers to better understand their spending behaviour, additional local payment options and enhancements to Spaces, which will become fully functional sub-accounts with an independent IBAN.
Lastly, to further enhance customer trust, we will continue to invest heavily in optimising Customer Operations by strengthening the quality of its customer service with specialist training, developing its chatbot Neon’s capabilities and implementing self-service features within the app.
To find out more, visit n26.com.