Jul 29, 2020

Revolut launches new service ‘Essentials’ with Decision Tech

Fintech
Moneysupermarket
revolut
Decision Tech
William Girling
2 min
Revolut card
Leading UK-based FinTech Revolut is launching a new price comparison service, ‘Essentials’, with Decision Tech, a Moneysupermarket Group company...

Leading UK-based FinTech Revolut is launching a new price comparison service, ‘Essentials’, with Decision Tech, a Moneysupermarket Group company.

The new service will allow Revolut’s more than 12mn customers to save money on their monthly bills, including utilities, internet, mobile, TV and more.

The company, which also has over 400,000 business customers in 35 countries, is entering the relatively rare position of offering price comparison services to its users, something only a handful of UK-based firms have actioned. 

It will be Decision Tech which powers the new platform. A tech-savvy, innovative and creative software developer based in London, it prides itself on fast-paced and quality coding for partners and clients.

Helping customers get more from their money

Decision Tech’s B2B capabilities will enable ‘Essentials’ to offer best-in-class, personalised comparison services and exclusive deals to Revolut’s customers via the latter’s app.

With pandemic-related disruption continuing to cause anxiety and the end of the furlough scheme in sight, the timing of the services’ release is propitious and could provide much-needed relief to consumers on household necessities. 

“We believe that Essentials can help millions of our UK customers save on their gas, electricity, broadband, mobile, and TV bills, so they can get more out of their money,” said Marsel Nikaj, Head of Savings at Revolut.

“Our mission has always been to provide our customers with greater control over their finances, help them save money and improve their financial health, so we’re delighted to partner with Decision Tech and Moneysupermarket on this innovative service.” 

Michael Phillips, CEO of Decision Tech, expressed similar sentiments, calling the development a milestone for Moneysupermarket’s B2B capabilities:

“Thanks to the tie in between Revolut’s open banking data and Decision Tech’s switching platform, customers can switch their energy, broadband or TV and mobile phone providers without having to leave the app.”

Finally, Mark Lewis, CEO of Moneysupermarket Group, added that ‘Essentials’ was doing what every new tech innovation should, namely increasing customer convenience:

“Our strategy is about helping people save money by making price comparison as easy as possible. This is exactly what we are doing here with Revolut, which is one of the first FinTechs to partner with a B2C price comparison platform.”

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Jun 10, 2021

FIVE things fintechs must do to keep investors onboard

Fintech
Investment
venturecapital
AI
Brandon Rembe, CPO, Envestnet...
4 min
Fintech innovations drew in first-time investors who reshaped the markets. What new advancements will help them continue their rise?

New investors flocked to the stock market during the COVID-19 pandemic. Thirty-eight percent of investors said they had never had a brokerage or similar account before opening one in 2020.

Low or no-fee trading options have helped accelerate the trend – nearly half of new investors said they accessed their account primarily through a mobile app. As FinTechs, how do we create the trust needed to keep new investors in the market and create a fruitful customer experience for them?

The financial industry does a disservice to individual investors if we merely offer tools that focus on making money quickly, an approach that usually backfires. Instead, the surge of interest presents an enormous opportunity for those who want to help more consumers use financial technology to educate them on responsible spending, saving, and investing in order to achieve financial wellness current fintech tools have welcomed individual investors in the door.

Now, it’s time to focus on education and improving their experience going forward. There are several ways those of us in fintech can step up to shape the future of retail investing so that it works better for everyone, starting with the following areas.

Equal access to financial wellness education

Financial health should be available to everyone — but today, not everyone has the educational resources to achieve it. One study shows that only 3.9% of students from low-income schools were required to take a personal finance class. What they aren’t learning in school or from family members, fintech companies can provide on their platforms.

The companies should move from solely offering financial services to a more responsible model of education, advice, and prescriptive choices to help consumers develop better habits and make wiser financial decisions. Not only can they empower consumers and bridge historical wealth divides, but they can also stimulate growth by opening up new consumer segments.

More personalisation

Just as we’ve come to expect that our fitness routines are tailored to our individual bodies, we’re also ready for finance tools that go beyond one-size-fits-all solutions. But only six percent of financial institutions say they’re using the kind of technology that allows them to deliver a deeply personalized experience. Fintech tools need to reflect that financial success looks different for each of us.

For one consumer, it may mean providing guidance on how to pay off student loans early; for another, it may mean prescriptive actions that enable them to stick to a budget for the first time; for a third, it could look like prioritizing environmental, social and governance (ESG) investments, so that her portfolio aligns with her political beliefs.

Now, we are seeing financial technology beginning to meet the demands of personalized finance in a substantial and meaningful way.

The rise of AI-Powered Advice

Big-picture advice and predictive guidance used to be a feature of high-end financial advisory firms — a perk only available to those who could afford it. But thanks to rapid advancements in data analytics and artificial intelligence (AI), that kind of holistic advice is now more accessible than ever. AI-driven robo-advisors can parse many different streams of financial information, delivering customized answers to key questions: Is it time to buy a home, or is it smarter to keep renting? Can I afford to take out another student loan?

Intelligent connectivity powered by AI can anticipate consumers’ needs and next steps, making proactive suggestions that guide them along the path to financial wellbeing. Fintech companies can also help consumers identify when their financial picture becomes too complex for a robo-advisor, and help them find a human financial advisor to meet their needs. 

Focus on financial mental health

New investors are quickly finding that the market can be overwhelming. That’s not surprising, financial anxiety is common and studies show that financial stress can have an impact on mental health for some.

It’s not enough for fintech companies to give retail investors access; they also must provide the guidance and support that help consumers manage their financial well-being. Educational tools can ensure that consumers are well informed about their options.

Predictive analytics can anticipate consumers’ questions, serving them key information and insights before they ask. Features that emphasize a comprehensive notion of financial well-being, rather than short-term wins and losses, can also help ensure that consumers are keeping their eyes on the bigger picture.

Gamification for good

The surge of gamification apps has done an impressive job making investing as engaging as playing a video game or joining a social media platform.

Much of the current use of gamification emphasizes short-term thinking, but there’s also an opportunity to help consumers think more broadly about their overall financial picture. One example is peer benchmarking, a feature that enables help consumers to see how their financial habits compare to those of friends and fellow consumers.

Gamification can also be used to incentivize making smaller, smarter choices — for example, rewarding saving over making an impulse buy.

The future of fintech is about more than just broadening access to the markets. It’s about making sure more individuals have access to the tools that can help improve their financial well-being—in the ways that suit their own circumstances and needs. The potential to act within their own set of individual priorities, with their long-term financial wellness in mind is much more empowering to a consumer than simply relying on short-term, high-risk investments.

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