Competitor Research- Banking

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01
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Part
01

Competitor Research- Revolut

More than 20 complaints, suggestions, and questions on Revolut's community board have been entered into the attached spreadsheet. A few of these comments have been outlined below.

COMPLAINTS

  • A client sent a large amount of money to a user's business account but the user had a hard time trying to receive these funds.
  • A long time user of Revolut for Business complained that the monthly fees are higher than alternatives like PayPal and questioned staying with Revolut.
  • A user complained about Revolut's "misleading claims of free [and swift] transfers."
  • A user was struggling to open a Revolut Business account for a new company and did not get any response from the support team.

SUGGESTIONS

  • A user suggested the ability to request funds from other counterparties.
  • Another user suggested the possibility of topping up a Revolut business account with a MasterCard.
  • A user's comment was as follows: "I’m a huge fan of Revolut, but I do hate the fact things are feeling a bit relaxed on implementing features, beyond a couple of extra perks, payment approvals, and xero integration."

QUESTIONS

  • An individual had some questions about Revolut for Business before deciding to use the service. One is "do all of the card controls and features of Premium exist on Freelancer? Can I use my Freelancer account as a personal account?"
  • A user wanted to know if Russian companies can set up Revolut Business accounts.
  • One user inquired about accessing Revolut through a mobile phone.

RESEARCH STRATEGY

On its community forum, Revolut had a different section for its business offerings. This made it easier to gather the relevant comments. We reviewed all the comments made within the past two years and selected the ones specific to complaints or suggestion. Still, a few comments were questions. While we prioritized comments that had responses from Revolut's staff, a few of the comments did not receive any response.

Part
02
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Part
02

Competitor Research- Monzo

The main thing users seems to complain about when it comes to Monzo's Business Banking account is the business banking statements. As one user specified, Monzo's business banking "statements are a mess, particularly with use of pots." Over 20 comments related to Monzo's Business Banking services have been entered into the attached spreadsheet.

SUMMARY

  • Some complaints about Monzo's Business Banking include difficulty signing up, not a lot of integration, and issues with statements.
  • One user attempted signing up for a Monzo Business account after being invited but they got a message saying You’ve not been accepted for a business card" after which the app crashed. An employee at Monzo responded by asking them to drop the "message in-app in chat."
  • A lot of suggestions offered by Monzo Business Banking users in the community forum have to do with better integration.
  • A user suggested the integration of a small business app called Wave Financial to the Business Banking segment of Monzo.
  • There are also a lot of questions on the community forum about being on Monzo's Business Banking waiting list.

RESEARCH STRATEGY

Monzo's community forum has a section for its Business Banking. This made it easy to get the relevant comments. We prioritized recent comments and excluded announcements by Monzo's staff such as updates to Monzo's Business Banking or new features offered. Most of the comments had no response from Monzo's staff.
Part
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Part
03

Competitor Research- Tide

Over 20 comments related to Tide's business banking services have been entered into the attached spreadsheet. A lot of comments on Tide's community forum are complaints about its slow response, lack of instantaneous customer service medium, and its unreliable app.

Summary

  • One user mentioned that they had been trying to no avail to set up a business account with Tide. They later mentioned that Tide's response times via the app "are an absolute joke." The user also questioned why Tide has to phone support number.
  • Another user suggested that Tide integrate Wave to their business accounts.
  • A user complained about missing a payment made into their account by a customer even after providing evidence. According to them, this has caused "serious distress" to their business.
  • A customer's business app was not responding and they were getting frustrated with the fact that they were unable to reach Tide's customer service team.
  • According to one user, "sometimes the “Switch or add company” button [on Tide's business app] is missing."

RESEARCH STRATEGY

Tide only offers business banking services. As a result, practically all the comments on its community forum have to do with its business banking services. Nonetheless, we focused on comments that directly discussed these services. We prioritized recent comments. We found that more than half the comments made on this forum got responses from Tide's staff. We did not find any community polls within the past few months.
Part
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Part
04

Competitor Research- Bunq

More than 20 comments related to Bunq's business banking services have been entered into the attached spreadsheet. Most of these comments are questions with no official answers from Bunq's staff. They, however, end up being answered by others in the community forum.

SUMMARY

  • According to one user, "It would be great to be able to open a business account for freelancers with only a vies vat registration number."
  • One user wondered how they could show their payment provider that their account with Bunq is a business account.
  • A user wanted some of his employees to have access to the business account. While the user initially thought this would be possible with one Bunq account, he later found that each employee has to have a Bunq business account for this to be possible. He concluded that this was a deal breaker as the "monthly costs suddenly doubled."
  • Several users inquired about Bunq Business' expansion to other European countries including the UK and Ireland.

RESEARCH STRATEGY

Bunq's community forum has a search option which we used to gather the relevant comments on its business banking services. Although we attempted prioritizing complaints and suggestions by reviewing all the "business banking" comments within the past two years, most of the comments were questions/inquiries. Even after reviewing hundreds of comments, we found that only a few relevant comments received responses from Bunq's staff. Others got answers from fellow community members. Bunq Together is described as a place where "users share ideas, knowledge and experiences." This could be why there are limited complaints. The platform also has users called "prodigies" and "wizards." These individuals are experienced Bunq users and tend to answer most of the questions posed before a Bunq staff can chip in.

Sources
Sources