What is the secret recipe for one of the fastest-growing mobile banks?

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Establishing a global brand in a regulated industry such as financial services, and turning it into one of ๐ญ๐ก๐ž ๐ฆ๐จ๐ฌ๐ญ ๐ฌ๐ฎ๐œ๐œ๐ž๐ฌ๐ฌ๐Ÿ๐ฎ๐ฅ ๐๐ข๐ ๐ข๐ญ๐š๐ฅ ๐๐ข๐ฌ๐ซ๐ฎ๐ฉ๐ญ๐จ๐ซ๐ฌ is almost mission impossible.

According to McKinsey & Company, where they interviewed N26 co-founder and co-CEO:

  • setting a bold vision,
  • adapting the business to respond to market feedback,
  • putting customer satisfaction first

has enabled digital-banking start-up N26 to grow rapidly into a global bank valued at $3.5 billion.

Here are the 4 key insights into their success:

โœ” Successful business building requires the ability to pivot quickly and to adapt the product based on feedback from the market.

โœ” Monetization is important, but it will come only from customer happiness, which needs to be the primary focus.

โœ” To successfully steer your organization through rapid growth, you need to hire experienced leaders, select scalable back-office systems, and establish full transparency in your reporting.

โœ”  A strong brand and great user experience will be effective differentiators in every marketโ€”but local expertise is still required.

Author

Mark Kalin

Achiever, Competition, Futuristic, Maximizer, Significance

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