N26 and TransferWise case study
Why is fintech on the rise?
Why are consumers switching from banks to alternative service providers?
Banks marketplace model
2. TransferWise Confidential (2015) 2
The Fintech Times
https://thefintechtimes.com/banks-love-fintechs/
Partnership then makes perfect sense..fintech companies provide the
product, banks provide the customers…embedded API, co-branded
design - you think you are still on the bank’s site, but you’ve actually
been transferred to a fintech platform run by a team of young devs in
Estonia.
“
4. 53%
of people in UK think banks mainly focus on profits, not on the customer's needs
Source: TransferWise Future of Finance study
5. 10%
of people in UK are saying that banks offer a great service and a fair deal.
Source: TransferWise Future of Finance study
6. 73%
of consumers say that they would consider using technology providers for services
that they usually use their bank for.
Source: TransferWise Future of Finance study
9. TransferWise Confidential (2015) 9
Customers and industry now recognize the large price
difference between TransferWise and the banks
source source
TransferWise vs Industry TransferWise vs Non-Bank Providers
16. 16
⬒ Card and checking account
⬒ Realtime transfers and notifications
⬒ One-touch access to financial products
⬒ Strong virality driven by exceptional
product experience
Product
N26 is building the first
global mobile bank
17. 17
Product
Our FinTech Hub leverages the best
partners to ship superior products
Cooperation already launched
18. 18
Reaching 99% of Eurozone
population by end of 2016
Internationalization
Dec 2015
Jan 2015
Dec 2016
19. Scalable and sustainable TW & N26 connection
High level integration
Currencies / fields
available
Register user
Check funds & initiate
payment
Payment in target market
20. Deep integration has multiple benefits
Benefits of Integration
⬒ Integration prevents 95% of support cases
⬒ Integration to known UI/UX
⬒ Instant availability in new markets
⬒ Extensible integration to new currencies w/o new apps
⬒ Joint brand recognition and trust
⬒ Faster transfers than using both separately