Lee Rowley, MP for North East Derbyshire, visited Revolut as part of his Fellowship where he is learning about financial services and specifically what the future of banking might look like. As one of the largest and fastest growing FinTech firms in the world, Revolut and other online banks could be instrumental in moulding the shape of the future.
Lee was welcomed to Revolut’s headquarters in London’s financial district, Canary Wharf, and met with team leaders and Revolut co-founder and CEO, Nikolay Storonsky. They had a wide-ranging, comprehensive conversation covering topics such as the rise of digital banks and how their increased popularity will change the behaviour of traditional banks and consumers.
Lee, who previously worked in financial services, including as Head of Change at Co-op Insurance, was interested to hear about how Revolut is introducing new facets such as insurance, charity giving and investment options.
The ability to manage your bank account and investments through an app is becoming increasingly popular with over one million people subscribed to Revolut in the UK alone. Revolut and similar companies are likely to be attractive to younger people who value their flexibility and user-friendly aspects compared to traditional banks. Lee was curious about the long-term impact this might have on those who do not have high financially literacy or do not have access to smart phones with internet, especially those he is aware of in his constituency.
Revolut spoke about the workshops they do to introduce the product to people and revealed they are working on a special account for young people, which they hope will equip them the skills to be financial literate from an earlier age.
Lee chairs the Challenger Banks and Building Societies APPG and visiting one of the most prominent challenger banks will help broaden his understanding of them and their current and future place in the UK.