Revolut plans to shake up South African banking
The 'Big Banks' aren't going anywhere in a hurry, but if offerings like Revolut come to South Africa...a lot of commercially-desired retail banking customers will no doubt be going their way.
Revolut are the masters of banking gamification.
Instead of the usual 'regulatory and systems spiderweb' that all other banks insist we abide by, Revolut have innovated the banking user experience from the ground up; and now the brand has announced its debut in South Africa.
What makes Revolut stand out?
Unlike most South African banks that regard individual, salaried-customers who deposit their money into a bank account as a cost centre that needs to be optimised, Revolut only care about individual, salaried-customers who deposit their money into a bank account...and try to treat them nicely.
Revolut aren't in the game to win government tenders, they don't chase big property developers to offer them capital, they aren't interested in corporate banking clients; all while only really caring about shareholder return.
Their offering is attractive to ordinary people because of all of the lucrative business that they purposefully turn away.
Great strategy right?
Right.
The 'Big Banks' aren't going anywhere in a hurry, but if offerings like Revolut come to South Africa...a lot of commercially-desired retail banking customers will no doubt be going their way.