Revolut is poised to deepen its foothold in the Italian market with the official launch of its Italian banking services, providing local IBANs for its growing base of customers. Starting this week, all new clients opening accounts with Revolut will receive Italian IBANs, which begin with "IT," replacing the Lithuanian IBANs previously issued.
Following the authorization granted by the Banca d'Italia, the Italian branch, Revolut Bank UAB, is fully operational as of November 18. The new banking services will be monitored by both the Banca d'Italia and the European Central Bank (ECB), ensuring adherence to local regulatory requirements. With ambitions to reach three million customers by early 2025, Revolut's strategic move highlights its commitment to becoming the primary banking choice for Italian consumers.
Previously, clients were issued Lithuanian IBANs, which many had found complicates day-to-day banking tasks like receiving salaries and paying bills. Nicola Vicino, recently appointed general manager of the Italian branch, emphasized the importance of localizing banking services, stating, "This transition makes Revolut Bank UAB in Italy officially part of the banking fabric here. Offering Italian IBANs will simplify daily transactions and usage of Revolut as their primary bank." Over time, this localization aims to improve user experience and align more closely with customer expectations.
Existing clients will have the opportunity to switch their Lithuanian IBANs for the Italian versions starting January 2025. This allows for smoother integrations of tasks such as direct deposits and automated bill payments, both of which have been challenging with the previous setup. "Our Italian account can now be used to receive salaries and pay bills or direct debits without friction," Vicino added, highlighting the convenience this service brings.
Financial protection remains intact, as customer deposits continue to be insured up to 100,000 euros through the Deposit Guarantee Fund of the Bank of Lithuania. This reinforces customer confidence and protects their finances within the app.
The launch of Italian IBANs is just the beginning for Revolut. Ignacio Zunzunegui, Head of Growth for Southern Europe, indicated plans to introduce new products shortly, including interest-bearing deposit options which are set to roll out soon. "After the rollout of Italian IBANs, we will soon allow our clients to access interest on deposits through new products we will launch over the coming weeks," he stated.
Along with the new banking features, Revolut has been enhancing its financial offerings, recently debuting personal loans managed directly through the mobile app with no additional costs involved. Users can now take advantage of various financial tools, allowing them to send money, pay taxes without commissions, and access flexible borrowing options right from their smartphones.
Highlighting the relevance of these changes, recent studies show around 46% of Italians see local IBANs as necessary when choosing their primary banking services. This statistic reflects the country's demand for relatable banking practices, reinforcing Revolut’s decision to adopt local standards.
The company has also celebrated reaching over 50 million customers worldwide, marking its status as one of the leading financial super-apps globally. With the latest updates, Revolut is convinced it can replicate its success and make significant strides within the Italian market, demonstrating its commitment not just as a global app but as a locally relevant banking entity.
Revolut’s strategies extend beyond just offering IBANs. Future enhancements include plans for credit cards, scheduled for late 2025, broadening the range of offerings available to Italian consumers. This will mark another milestone for the app, enhancing its comprehensive financial ecosystem.
Revolut's rapid expansion and focus on compliance and localized services demonstrate its adaptability to customer needs and the competitive banking environment. The community's reception to Revolut is promising, as the app has proven to be the most downloaded financial application of 2024. Already, Italians have engaged with Revolut through approximately 300 million transactions this year alone, positioning the app as not just another choice but a reliable banking solution.
Overall, as Revolut solidifies its presence through local banking services, it places itself firmly on the map of Italy's financial sector. The tiers of service it offers, from everyday banking conveniences to future products aimed at simplifying financial management, signal an exciting era for Italian users.