Welcome to Everly.eu’s weekly summary. Let’s see the most important news we have covered during the week in a TOP 5 list!
Revolut’s executives are stepping down one by one. With other execs leaving the challenger during pre-COVID times last week another two have stepped down leaving the bank with many unoccupied executive positions.
Europe’s biggest challengers Monzo, Revolut, Starling, and N26 have seen their download growth rate drop, singnaling people may not be willing to switch to digital banks even when branches are closed during lockdown
Jes Staley of Barclays claims people won’t be coming back to skyscraper offices, Monese launches desktop app to attract more customers and Monzo has seen most net switches to their profit in the Q4 of 2019.
1st place: Revolut has just lost two more executives
This comes just a month after the Revolut’s CFO David MacLean stepped down (among others).
Now its Stefan Wille, deputy chief financial officer at Revolut, and Anna Borzenko, interim head of finance, who decided to leave their positions.
2nd place: Digital banks downloads drop in lockdown
Some of Europe’s top challengers are dealing with a drop of digital downloads in recent months. This signs that the COVID crisis could mean a huge threat to them.
The big four: Monzo, Revolut, Starling, and N26 have their growth rate drop by between 18% and 36% in their native markets, according to an analysis by Priori Data commissioned by Sifted.
Barclays CEO Jes Staley claims that the COVID-19 pandemic could permanently change how banks and their employees do business in the future.
Banks, which like many companies worldwide have seen the majority of its staff work from home offices, will not revert fully to its pre-January working habits, Staley said.
4th place: Monese launched a desktop version of its app
Uk based challenger banking app Monese has launched a desktop version of its banking platform.
This is marketed as one of the first desktop platforms from a digital banking provider and is available for all customers from today.
Monzo bank attracted the biggest amount of account switchers in the final three months of last year according to the most recent data.
Monzo as a challenger bank lacks any branches. It offers accounts that can only be accessed using a mobile phone.
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