“Traditional banks are great at putting their head in the clouds around strategy and what the vision for the future looks like. Where they really fail is translating that to what needs to happen in the next quarter. To begin to realise that vision… And that’s where Revolut’s strengths lie, with a real orientation to action.”
Revolut CEO – Australia & NZ, Matt Baxby, is reflecting on how the culture at the leading global financial technology company is based on doing things differently with a hunger for what’s next and how that can help its customers manage their financial lives. “Often, the motivation for people joining us at Revolut is that we can offer the opportunity to have a personal impact and make a difference. People here want to see that the action they’re taking each day ladders up to something in the market.
Financial Services for everyone with Revolut
Matt believes what sets Revolut apart is that it offers a solution to managing your entire financial life in one place. “In some ways, I think we’re really challenging what people would expect from their bank, so we’ve got to build a licence to do that as a newer player in the market,” he pledges. “Think about your smartphone… The number of apps you’ve got on there almost serve as a point-to-point solution. And it’s generally pretty narrow.
“Revolut has taken this mindset of one app, all things money, and that’s driven the real diversity of offerings that we have. It’s not just conventional financial services – it’s everything about serving a more self-directed consumer. From a wealth point of view, it’s giving them access to alternative asset classes with things like crypto and commodities. There’s also a generational element to it, making kids accounts available and helping improve financial literacy from an early age.”
Meeting the challenge in new markets
Despite Revolut having a strong global presence, particularly in the UK and Europe, in Australia it began from a standing start in terms of brand recognition. “We’ve had to build that brand equity over time,” explains Matt. “Advertising and marketing play a part but so does advocacy from existing customers. It’s something we focused on, that early adopters of the product would recommend it to family and friends. That continues to be a strong source of growth for us locally. There’s nothing more powerful.”
