Two European banks are poised to expand in the US, will they thrive?
Berlin-based N26 and UK’s Monzo – two of the banks enjoying prestige status in the western part of the world - are now expanding its influence to the already successful banking industry of the United States of America.
Monzo and N26 are both established banks in Europe. Monzo is known for its patented customer service and coral debit cards while N26 has flourished through its formidable German app design.
Both these banks have mobile app banking to offer to customers which allowed them to experience tremendous success in the industry, gaining millions of users and subscribers.
Through their mobile banking service, they are able to give customers smooth banking transactions highlighted by their free ATM withdrawals functionality.
These are what these European giants are bringing to the US. To start their US immersion, they are partnering with US Banks. But mobile banking with these two European service providers is not as seamless, as it may seem.
N26, for instance, has failed to give dependable customer care, as it only featured chat portal in its service. Mobile banking offered by these two could not suffice customer demand, especially when dealing with big transactions.
Both N26 and Monzo would face fierce competition in the banking industry, as they jump to the US side of the financial world.
Providing unique mobile banking offerings will give Monzo and N26 the edge over their American competitors and thrive in the American market.
EU to propose plans to boost European firms and compete with U.S. tech giants18.02.2020
Euro underperforms on frail market sentiment, Aussie dollar suffers on data forecast14.02.2020
Financial menace hounds British markets amid Brexit transition13.02.2020
Stocks climb as market appetite improves over lowest reported new virus cases