N26 reports 100% growth in Irish user base
Digital bank, N26 has surpassed 7 million customers across Europe and the US with almost 200,000 customers in Ireland.
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 2 million global customers since January 2020.
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 (up 49%) followed by the 55-59 (up 48%) and the 60-64 (up 46.4%). N26’s Irish customer base is predominantly made up of those from 20-34 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 and an overall downward trend of ATM withdrawals.
N26 COO, Adrienne Gormley: “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.”
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 five languages seven days a week, and continues to invest in specialist training, developing its chatbot capabilities and implementing more self-service features within the app.
The company has also announced plans to move beyond its subscription, core banking and payments business to offer new services in 2021. This includes building out a connection to the financial ecosystem from within the N26 banking experience, offered through the new N26 Marketplace.
N26 will continue to deliver more features 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.