In 2024, over 77% of customers opted for the ease and accessibility of digital banking right from their homes. This preference for banking from home has only increased since the introduction of AI (Artificial Intelligence). Harnessing the power of AI, neobanks have been quick to invent new and unique ways to redefine customer journeys in amazing directions.

Best case examples – Monzo, Revolut, and A26.

Applying their own unique spin on how you can use AI, let’s find out how they’ve managed to capture the neobank audience with playful personalisation.  

Monzo: Redefining how saving works with ‘Pots’  

As the 7th largest UK bank by customer numbers, Monzo Bank continues to strive for heightened engagement for its 9 million customers. This is impressive given its stature as a fully regulated bank on the AWS Cloud that operates entirely through a phone app.  

Their latest adventure has led to Monzo Pots – a virtual organisation tool within your main Monzo account.  

Aiming to redefine the process of saving, Monzo Pots is like having a digital drawer or envelope system where you can separately stash away funds for different purposes, such as emergency funds or exotic holidays – all without the need to open different bank accounts.

So, how does it work, and what can we do to create a Monzo Pot?

Creating a ‘Pot’

1. Access the Monzo Pots section – Available in the Monzo application on your iOS or Android device, the Monzo Pots section acts as the central hub for all your savings and fund organisation.
2. ‍Begin creating your Monzo Pot – Access the “Create Pot” to begin the setup process via the dashboard next to the “Pots” label in the home interface.  ‍

2. Choose your pot type – Options include “Regular Pots” for everyday savings, “Interest-Earning Pots” for long-term financial goals, and “Custom Pots” for specific purposes like “Holiday Savings” or “Rent Fund.” ‍

3. Customise your pot – Users can customise their Monzo Pots by adding a cover image, renaming their funds, setting personal goals, and opting for automatic round-ups from everyday spending. A lock/unlock function also lets users control their daily spending. ‍
4. Finalise and create your pot – Tap on “Create Pot” to bring your new savings compartment to life, with it always being available to transfer funds at your own pace.  

Additionally, Monzo offers predictive analytics tools that assist customers in managing their finances, savings and expenditures in one place. It’s this level of innovation that has led to Monzo winning the 2023 British Bank Awards, ranking as one of the UK’s most popular digital banks.  

Revolut: A metal card that suits your personality

One of the latest trends gaining traction is the introduction of customised metal cards. A remarkable aspect of Revolut’s metal cards is the level of personalisation they offer through a user-friendly customisation portal. Here, Revolut gives power to the customer, allowing them to tailor their cards to best match their identity and style.  

How to apply for a customized Revolut premium card

1. Access the “Get Card” option via the navigation bar, specifically on the Hub icon or by navigating directly to the cards section.  

2. Choose the type of card, viz., a virtual card or a metal physical card.  

3. Select Your Metal Card Style with options such as metal black, metal space grey and premium space grey with various finishes (matte, glossy, brushed metal).

4. Personalize your card by adding your name, photo or logos.

5. Setup the pin and confirm the delivery address

Customers can further personalize their cards with personal engravings, like initials, meaningful symbols, or quotes, ensuring that no two cards are identical. This opportunity to express one’s individuality is crucial in enhancing the overall customer experience.

Revolut has also quickly understood consumer concerns regarding ease of accessibility, with various types of cards available for members of varying income levels. These options include the Revolut Ultra Card and the Revolut Premium Card. Key features include:

1. Revolut Ultra  

• Platinum-plated design for an annual fee of USD 675  

• 5% cashback in the first month and 1.2% on Revolut Pro payments  

• Perks such as unlimited airport lounge access across 1400 airports with hotel cashback.  

• Subscriptions to premium services like Financial Times and WeWork.

• Benefits from unlimited fee-free international transfers, reduced crypto fees, and purchase protection up to USD 12,500 annually.  

2. Revolut Premium  

• A monthly fee of USD 12.49

• Provides USD 1000 in fee-free ATM withdrawals on a monthly basis

• Zero exchange fees of up to USD 12,500, and extensive travel insurance

• Additional perks include purchase protection up to USD 12,500, 24/7 in-app support, and customizable card designs. 

N26: AI chatbot that speaks your language

N26 Bank has a base of around 8 million users and a market presence primarily in Europe. It plans to expand to other regions, including the US. Using Rasa, the neobank developed an AI chatbot to handle complex conversations using machine learning-based dialogue AI.

Within weeks of deployment, 20% of customer service requests were managed by the AI assistant, with a target to scale beyond 30%. The AI assistant runs in 5 different languages - English, German, French, Spanish, and Italian- in their mobile and web app, and it even handles complex tasks such as reports of lost or stolen credit cards.  

Aside from that, N26 also provides a strong, well-rounded support system, with human agents available daily from 7:00 AM to 11:00 PM CET. This allows customers to have their queries addressed by human representatives when needed. For urgent cases, N26 offers a call-back service, ensuring a response within one hour of a request, adding an extra layer of reassurance for pressing matters.

The results were impressive, with the N26 team able to tweak the machine learning models to peak performance using its own proprietary data sets.  

• N26 quickly saw 20% of customer service requests handled by the AI assistant, with future outcomes targeting a resolution rate of 30% and above.  

By integrating a sophisticated AI-driven chatbot powered by Rasa, N26 sets new standards for efficient and effective customer service management for its mobile and web applications.  

Key Takeaways for Banks Seeking to Enhance CX through Personalization

1. Infuse Playfulness to Boost Engagement: Playfulness boosts customer engagement. Monzo's "pots" gamify savings, while Revolut's personalized metal cards make banking entertaining. Such features turn routine tasks into enjoyable experiences, enhancing user interaction.

2. Embrace Deep Personalization: Neo banks like Monzo and Revolut let customers personalize services, from savings tools to card designs, enhancing engagement and loyalty by creating a more personal banking experience.

3. Provide Multilingual Support for Global Reach: N26 exemplifies the value of offering prompt customer service in multiple languages, broadening market reach and ensuring customers feel understood, regardless of language preference.