Germany-based challenger bank N26 announced it will close its US operations. Some industry observers have chalked up N26’s US failure to reasons like “global banking is hard,” and “the US is a hostile regulatory environment.” That's not it.
N26 is for people who live life on a mobile phone. There’s no focus on age, income, or background. In fact, the average age of our European customers is over 35.Early paycheck access—customers can get access to their paychecks two days faster. We’re also offering the best exchange rates on card transactions for the travel nomad.We plan to focus our customer acquisition efforts through organic channels.
The megabanks—Bank of America, JPMorgan Chase, Citibank, and Wells Fargo—offered, on average, 16 of the 18 value-added mobile banking features on their apps. The result: According to 2021 American Consumer Satisfaction Index , national banks performed best on mobile app quality with a score of 84. N26’s target market also left something to be desired. Anyone who “lives life on a mobile phone” is hardly a definable market segment as, seemingly, every American between the ages of 13 and 40 spends their entire life on their mobile phone.
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