The exclusively online banking service, similar to other competitors such as Monzo, and Starling, has garnered 300,000 users since opening its Porto headquarters earlier this year. However, digital banks have struggled to earn the trust of the wider population in the past, and that doesn’t seem to be changing in Portugal.
During the Portugal Digital Summit event, which took place over two days at the Carlos Lopes Pavilion in Lisbon, technology and digital transformation were the main topics of discussion. During a speech by Mr. Macieira, the head of digital banking set out his objectives regarding user numbers, claiming that “next year, we will reach half a million users” in Portugal.
Simultaneously, the head of the company, who took office in June this year, indicated that Revolut grows at a rate of “1,000 to 1,200 users per day” in Portugal. The tech boss acknowledges that Revolut's target audience has specific tastes and needs, specifically those of the millennials, who represent a considerable chunk of their consumers and who are not always easy to please.
“The solution is to create a viral product,” explains the Revolut CEO, who highlights the digital bank’s nature to be heavily focused on a smartphone application, in order to be able to adapt to market changes and stay current with an audience that wants an experience that is ever more fast and effective.
“Competition doesn't get you out of business, but customers can” he added, pointing out the need for companies to be able to adapt to what customers demand in a more digital world. However, for companies like this to truly thrive, they must break into the mainstream. This seems like a tough task, which is likely to prove difficult in a country such as Portugal, in which “technological illiteracy” is widespread outside tech hubs such as Lisbon and Porto.
