Tech & Tonic: Revolut-ion in Europe and subjective advice

Put it in the bank. Photo by  Maryna Yazbeck  on  Unsplash

Put it in the bank. Photo by Maryna Yazbeck on Unsplash

News story of the week: European Revolut-ion!

Hot off the press, challenger bank Revolut has just been granted its European banking licence, helping the bank live up to its reputation as the ‘Amazon of banking’, according to founder and CEO Nik Storonsky.

With plans to implement the licence next year the bank will offer consumers full current accounts, lending, and commission-free stock trading. People will also be able to deposit their salaries into their account and be protected under the European Deposit Insurance Scheme up to the princely sum of €100,000 – that’s a lot of mullah!

Comment piece of the week: A free bit advice from Envizage

In an enjoyably well-written post Vinay Jayaram, director of financial services tech firm Envizage, speaks out about financial service providers providing subjective ‘advice’ to consumers.

Set against a concerning global savings gap, Jayaram believes providers are being forced – by regulation – to mislabel compliance journeys as ‘advice’ that doesn’t present information in a way that has any real meaning to people, not discussing their individual wants, needs, aspirations and experiences.

Jayaram also touches upon how some financial services firms are pitching tech-enabled advice alternatives that also fall short, something we touched upon in a previous post following Nutmeg introducing a personal finance ‘advice service’ costing £350.

Number of the week: The Tide is high

In the immortal words of Debbie Harry (or Kerry Katona), ‘The tide is high but i’m holding on, I’m gonna be your number one’...

Not just holding on but grappling on is Tide, the emerging SME challenger bank. This week it announced it is soon to have one percent of the entire UK SME banking market. A fantastic achievement considering they only started two years ago. Did we mention an SME now signs up to Tide every eight minutes? Number one, indeed!

Quote of the week

We are @Foco_Global on Twitter, what’s your excuse?