Revolut on Vaults: “Banks are losing touch”

This week, Revolut revealed Vaults, a new feature which enables their users to round up and save the spare change from every card purchase. Vaults has already helped Revolut users to save a combined £5 million.

But what inspired Vaults, and where are Revolut headed next? Find out below.

What inspired the new Vaults feature?

The number of people who struggle to regularly put money aside. Saving money should be a simple, seamless task, but the reality is that it’s actually a difficult thing to do. Whether our customers are saving up for a dream holiday or upgrading to a new laptop, we wanted to help them achieve their financial goals in the easiest possible way.

How is Vaults more advantageous than a regular banking app’s saving account?

Vaults is the easiest, fastest way to save money. Spare change saving rounds up purchases to the nearest whole number and places the spare change into a Vault, so customers don’t even have to set money aside. Recurring payments or one off payments can also be added if customers prefer to save that way. Revolut has offered a variety of options to suit our customers needs, while creating a Vault only takes a few seconds and customers can save in any of the 25 supported fiat currencies or 3 Cryptocurrencies.

Are banks losing touch when it comes to meeting the financial needs of the public?

Yes. Many of the largest institutions have too much internal complexity to compete with fast and nimble start-ups and digital-only banks. More digital banks are providing comprehensive financial marketplaces containing useful services that are priced better, made more accessible and have better UI than traditional banks.

How is the instability of cryptocurrencies managed in the Vaults feature?

Like using any other fluctuating fiat currency or cryptocurrency, the price of the cryptocurrency saved in a Vault can go up or down. We do not make any representation regarding the advisability of transacting in cryptocurrency and cannot guarantee the timeliness, accurateness, or completeness of any data or information used in connection with you holding any exposure to cryptocurrencies.

What other areas of customers’ financial lives could Revolut provide solutions for next?

We’re planning a number of exciting new features including a new Platinum metal card that will give people cash back in cryptocurrencies, a wealth management service and cards for children that parents can control.

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