Being an active player in the financial sector is no easy feat. Even for challenger banks like Revolut, it can pose some significant problems.
Several customers have been complaining about being unable to access their accounts. This situation has been going on for several weeks already.
The Revolut Issues Grow Worse
Challenging the big four banks in the UK is a massive challenge. When a new player emerges, they tend to attract a lot of customers quickly. Providing new services and products is only part of the equation. Guaranteeing uptime and accessibility of these tools is far more crucial.
In the case of Revolut, things are starting to go wrong. Several of its customers cannot even access their account. For a digital-only bank, that is a major problem. With no physical branches to visit, customers rely on digital channels. That is a downside challenger banks will need to overcome sooner rather than later.
To make matters worse, there is a secondary problem. A growing number of users can access their Revolut account, but not transfer money. Not being able to access core banking service is never a pleasant experience.
It is during times like these that customer support becomes crucial. Sadly, it appears Revolut faces numerous complaints in this department as well. Users suffering from either of the two issues above struggle to get an adequate response.
It is not the first time Revolut users notice major issues either. In 2018, various customers claimed they were locked out of accounts as well. At that time, this was due to the company addressing money laundering. While not the best PR move by any means, services were restored eventually.
This time around, however, the issues appear to persist. Some customers are struggling since mid-December, with no improvements in sight.
Launching new Products
Despite the issues, Revolut is still rolling out new plans and services. Earlier this week, the company confirmed it is entering the UK savings market This is done through a partnership with Flagstone. Clients will be able to earn up to 1.35% interest rate on their accounts.