BBC Panorama to feature Revolut safety

Revolut and Monzo have a similar market size in the UK. But Revolut has approximately twice the volume of fraud complaints as Monzo. The value of authorized fraudulent push payments into accounts at Revolut is approximately four times greater than Monzo. The UK Ombudsman receives more complaints from dissatisfied customers at Revolut than from any other UK bank or e-money firm.
Do we reckon that this all might (a) relate to something in the overall chain of Revolut operations or (b) relate to something uniquely careless and/or stupid about the average Revolut customer?
 
But wasn't Monzo started in the UK for UK customers ? Revelut, I think, is more world-wide.
 
elcato said:
But wasn't Monzo started in the UK for UK customers ? Revelut, I think, is more world-wide.
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Their UK footprint is similar and the comparisons above relate solely to UK customers/operations.
(RTE has reported that Monzo is looking to open a Dublin office as "a gateway to Europe", but that is a separate matter)
 
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Yes, but they are a UK outfit so they'll value their own. Their initial crowdfunding was from the UK. They don't offer banking to non UK customers.
 
The Monzo example is by way of banks with similar operating models and similar footprints in the UK market. I don't buy the "valuing their own" line but, leaving Monzo aside, Revolut customers report more fraud than any major UK banking operation and make more complaints to the ombudsman about unsatisfactory resolution.
 
How can Monzo (whatever that is, sounds like a characted from Fair City) be compared to Revolut. Wheres the data?
 
Isnt it simpky the case that Revolut is more prevalent and pervasive in the UK (and everywhere). Almost everyone nowadays uses Revolute multiple times a day. Therefore, and due to the nature of what Revolut is, theres gona be complaints, theres gona be fraud, theres gona be customer service issues. Thats life.

Youd hope that all of the above gets better over time and the whole customer service wait times etc is very poor but overall and in the main Revolut's great.
 
jim said:
Isnt it simpky the case that Revolut is more prevalent and pervasive in the UK (and everywhere
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From Linkedin, Sept 23, 2024:

Marcel van Oost​

Connecting the dots in FinTech...​

Published Sep 23, 2024
Hey, FinTech Fanatic!
Big news from Revolut today! The FinTech giant just hit 10 million retail customers in the UK, adding nearly 2 million new users this year alone. This milestone ties Revolut with its challenger bank rival, Monzo, which also boasts over 10 million UK customers. The competition for the top spot in the UK is heating up!
https://www.linkedin.com/in/francesca-carlesi-b326922/?trk=article-ssr-frontend-pulse_little-text-block (Francesca Carlesi), CEO of Revolut UK, called it a “tremendous achievement,” noting that the UK is Revolut’s biggest market, where the FinTech was founded in 2015. Globally, Revolut now has over 45 million customers and recently reported annual revenues of $500 million from its business accounts.
In comparison, Monzo also has 10 million UK customers, while Starling trails with 3.6 million. For context, Barclays leads with 20 million UK retail customers, followed by Lloyds with 15 million and NatWest with 19 million.
 
For anyone who may have missed this programme ( It seemed to be only on BBC1 NI? ) it is being repeated on the BBC News channel at 02:30 AM tomorrow 19-10-24.
 
It’s easy to compare apples and oranges here and people shouldn’t.

Some neobanks operate only in one jurisdiction and don’t offer wallets in different currencies.

Some neobanks operate in multiple jurisdictions in multiple currencies.

Which do you think is more likely to be vulnerable to transnational organised crime groups?
 
I have about fifty apps on my phone. I counted six that offer phone-based customer support: two banks, one insurance provider, a gambling app, a parking service provider, and a bin company.

I counted a few apps where no phone service is available and where I’ve successfully used customer support via chat in-app: one payment service provider, Amazon, and Uber.
 
Now you're comparing apples to oranges like you said not to do...
 
One of the latest in posts - from Reddit - about fraud noticed by a Revolut account holder and the brick wall that one comes up against when trying to report the fraud and get it reimbursed. Is it not ridiculous to have to put through a chargeback request individually 20 times especially when the response for every one of these will be to decline the chargeback?!


 
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