A clear result : only 27% of consumers in Europe and the United States have the sense of control over their spending.
© N26
In a note to the blog, the neo-bank N26 has published the results of a study conducted on more than 10 000 people across Europe and the United States. Called ” Big Banking’s Cat “, this discussion is around the bank aimed to point out the major problems that clients continue to meet with their respective banks.
On the consumers surveyed, only 27 % of them expressed their feeling of having control over their finances, to what to show one of the main problems of the bank around the transparency, the simplicity and the speed of its tools available to customers to manage their money.
More delicate, 15 % of responders have said they feel overwhelmed by their financial situation. The study N26 also touched on several responses of the most popular, turning around the stress and anxiety of consumers, in part helped by these several faults which continue to disqualify the traditional banks in the face of certain online banks and neo-bank.
A glance on the american market
The study of the neo-German bank was the opportunity to learn more about the differences between the attitudes of us and european clients. As a reminder, N26 arrived on the soil of the New Continent in August 2019, and claimed to have gathered no less than 250,000 customers, according to its data updated last February.
During this health crisis, which affects also the landscape fintech and mobile banks, N26 has shown that despite what one might think, the american customers are more likely to save. The client N26 way in the United States saves $ 220 in the end of the month, compared to 177 € (192 $) for the customer N26 way in Europe. The situation, although exceptional, has far-reaching consequences on the income of the payment institution, which sees a hollow in its lack of use of cards of their customers, vital to the neo-bank can receive a commission on each transaction.
Necessarily, the study set up by the neo-bank aims to promote the statistical tools offered by the bank challenger in its offer of bank account N26. But you should know that the offers of N26 are in direct competition with those of Revolut. The neo-bank English and German have a product of common core, but both have taken paths that were slightly different. For you to make an opinion on the issue, we recommend that you go read our comparison N26 vs Revolut.
