N26 boosts its Premium offer for travellers

The German neobank N26 just presented a new version of its Premium offer. Renamed "N26 GB", it carries in its name the promise to always better serve customers with high mobility, abroad. It also seeks to reinvigorate its offer in an increasingly competitive environment.

FACTS

• N26 has just announced that it will evolve its Premium offer to offer "N26 GB". The new offer always takes the form of a package of services accessible under subscription and defends high-end positioning. But it stands out by addressing travellers more specifically.

• "N26 GB" offers banking, savings and investment services that are accessible all over the world, from home and abroad.

• It offers several advantages and features that should particularly serve travellers such as:
  • unlimited withdrawals free abroad,
  • full travel insurance covering flight delays and cancellations, damage or loss of baggage, emergency medical expenses abroad,
  • access to some 1,300 airport lounges worldwide for only 15 euros (compared to 33 euros for customers of Standard and Smart N26),
  • discounts and special offers for services such as Avis, Easyjet, Flixbus, Lastminute.com, Rentcars.com and Tiqets.

• On the price side, "N26 GB" will be offered at a price of 9,90 € per month. All customers already subscribed to "N26 You" will automatically switch to "N26 Go" within the next few days.

ISSUES

• Better meet existing needs : The replacement of "N26 You" with "N26 Go" is motivated by the analysis of the transactions of the current customers of the neo-bank that already revealed usages in high mobility. 5 % of the transactions of German, Spanish, French or Italian customers of N26 already take place outside their country of residence and this figure rises to 10 % in summer.

• Responding to competition : It is the British neo-bank Revolut that, since its inception, targets travellers by promising an international offer tailored to their needs. Historically, N26 and Revolut are competing for market shares on a European scale as their ambitions for internationalisation grow. They compete on many services, including non-financial ones, while Revolut then N26 e.g. their recently launched mobile package offers.

PERSPECTIVE

• The battle currently being waged by the neo-banks to establish themselves as the references of their market is all the more important since, while competition between them is strong, they must also prevail against the historical players.

• According to a recently completed and unveiled by Bain & Company, the share of net banking product captured by large traditional banks is likely to decrease by 25% by 2030, due to increased competition with FinTechs and other neo-banks. The growth in usage continues, while 78% of French clients use at least one of the services offered by a new bank or a FinTech today (such as day-to-day banking, savings, payment or cash management). That's 11 more points than in 2021.

• But if the prospects are to be positive for alternative actors, today they remain to be tempered. Indeed, sone Boston Consulting Group reportFinTechs represent only $378 billion in revenue compared to $12,700 billion for traditional players. That's 3% of global finance revenues.

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