N26 celebrates 7 million customers

Digital bank, N26, celebrates a major milestone as they surpass seven million customers across Europe and the US with almost 200,000 customers in Ireland, proving the strength of its digital value proposition.

The Mobile Bank grew its customer base in Ireland by 100% with an additional 100,000 customers within the last 18 months and an overall two million global customers since January 2020, reinforcing its position as one of the fastest-growing digital banks in Europe. N26 aims to reach one million customers in Ireland over the next few years.

Trends in the Growing Irish Customer Base

In 2020, N26 focused on improving and scaling its digital banking offer to keep pace with its customers’ changing needs. With more consumers turning to digital solutions amid the pandemic, N26 continued to see strong growth as people looked for new ways to bank safely from home without ever visiting a branch.

In Ireland, N26 saw the highest growing age groups in the 18-19-year-old group in 2020.  However, the second-fastest-growing age group has been those over 65 (+49%) followed by the 55-59 (+48%) and the 60-64 (+46,4%).  N26’s Irish customer base is predominantly made up of those from 20 to 34 years old, accounting for over 57% of the total Irish customer base in 2020.

In terms of banking trends in Ireland, over the past 12 months, N26 saw a significant increase in online spend volumes, especially during the lockdowns in 2020, firmly indicating a continuation of the trend towards e-commerce adoption among all customers and all age groups. An overall downward trend of ATM withdrawals noted by Irish N26 customers underlines the move to a more cashless society overall.

2020 presented new challenges amid the pandemic. However, N26’s agile digital business model continued top-line growth and consistent optimisations in operating costs strengthened its market position in Ireland at a time where digital banking is needed now more than ever.

Globally, N26 saw transaction volumes at an all-time high, reaching over EUR 5.5bn monthly, hence, its focus on adding new digital products focused on everyday banking for our customers.

N26 COO and Irish Spokesperson, Adrienne Gormley: “As we celebrate our sixth company anniversary, it’s inspiring to see that millions of people, including almost 200,000 Irish customers, trust in N26 to put their financial interests first. As a fully licensed digital bank, we have built a banking experience for the times we live in, not for a specific generation, especially in the confining and uncertain times we live in today.”

Strengthening the Customer Experience

In 2020, N26 focused efforts on delivering new features, improved service, and more choice to customers during the crisis, accelerating its innovation pipeline with an array of product launches to serve evolving customer needs.

At a time where digital banking has become even more relevant than before, N26 extended its card portfolio, launching N26 Business Metal and introducing a new premium subscription, N26 Smart, giving customers access to its popular premium banking services at a competitive and economical price.

At the height of the pandemic, N26 introduced Instant Banking features so customers could add a digital card to their mobile wallet and start using their new digital account immediately while waiting for their physical card to arrive – for branchless, paperless account opening. In addition, N26 introduced a new Round-Ups feature, which automatically rounds up each purchase to the nearest Euro and sets it aside in Spaces, making saving during the crisis effortless and simple.

2020 also saw N26 continue to invest in improving its customer experience to serve the needs of a larger, more diverse customer base. N26 is the only digital bank to live Customer Support in 5 languages 7 days a week and continues to invest in specialist training, developing its chatbot capabilities, and implementing more self-service features within the app.

Building Industry Leadership

N26 is preparing to expand beyond its subscription, core banking, and payments business to offer new services in 2021, increasing its range of banking revenue streams. This includes building out a seamless connection to the financial ecosystem from within the N26 banking experience, offered through the new N26 Marketplace.

In addition, N26 will further invest into growing its team in 2021 with a strong focus on increasing the size of its product and tech organisation by over 200, globally.

N26 will continue to deliver more timely and relevant features and products to customers including virtual cards, Advanced Statistics, which helps customers to better understand their spending behaviour, and enhancements to its Spaces feature, which will become a fully functional sub-account with an independent IBAN.

Lastly, to further enhance customer trust, we will continue to invest heavily in optimising Customer Operations by strengthening the quality of its customer service with specialist training, developing its chatbot Neon’s capabilities, and implementing self-service features within the app.

N26 co-founder and CEO, Valentin Stalf: “Now more than ever, digitalisation and innovation are fundamental to Europe’s future. We will continue to bring exciting everyday banking features to millions of additional customers who still feel stuck in the offline world.”

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