Revolut Feedback

#1002

Revolut is having a torrid time in the media. I wonder if that’s all, or whether there’s more to come?

Certainly, losing your CFO doesn’t bode well…

1 Like

(Jon Moss) #1003

This is not looking good for them… toxic environment, losing the CFO. I’m feeling more and more uneasy about Revolut. I won’t be renewing my card with them.

I really appreciate the open nature of Monzo, the transparency and what seems like respectful marketing.

Revolut need to read David and Jason’s book, “It doesn’t have to be crazy at work”.

2 Likes

(benjaminlbowles) #1004

Agreed - starting to look like a dumpster fire, anybody that doesn’t work weekends (not meeting their “KPIs”) effectively is fired without notice or cause… Nobody would love to work in that sort of boiler room environment.

1 Like

(Ahmet Tat) #1005

Wow this is awful! I mean for Revolut, not really for Monzo eheh :slight_smile:

Question: I saw recently that Revolut communicated about their active customers, they said “1.2M are really active as they make a transaction at least once a week and 1.9M are a little less active as they make a transaction at least once a month”. I’m having the hardest time to understand what they consider an “active customer”? Do you guys have any idea? Isn’t it “the user who makes at least one transaction in a month is considered as an active user”?

What about Monzo? What is an “active customer” for Monzo?

Because changing the definition changes for sure the metrics :slight_smile:

0 Likes

(Alan) #1006

This is a very good point. I’ve seen a lot of monzo users sign up just to use a shared tab for a group holiday etc. Probably the same for revolut when trsvelling etc. How often are they actively using the accounts for example? What percentage of accounts are dormant? What constitutes dormancy?
There’s no way at present to compare meaningful metrics

0 Likes

(Jon Moss) #1007

I’ve written up a few thoughts and my opinion on this here:

Feeling uneasy about Revolut

Comments welcomed.

6 Likes

(Katrina) #1009

When Starling rolls out their Euro account, I’ll almost certainly move there. Revolut have other currencies, which I have no need for at the moment, but might want to use in future, so I suppose I would keep a nominal sum in Revolut to keep the account open in case it comes useful in the future.

1 Like

(Splodf) #1010

Doesn’t close even if you don’t leave money in there. Says so on the delete account button.

I’ve deleted the app, would rather have nothing and wait for Starling.

1 Like

(Kevyn) #1011

Probably best to post Revolut’s point of view.

Let me set the record straight

This week, there’s been some misleading information in the media relating to our compliance function. Compliance is, and always has been, a key priority for the company, so I wanted to address these accusations head-on and set the record straight.

What actually happened

In July last year, we rolled out a more advanced sanctions screening system in parallel with our existing controls. Like any other technology company, we’re always looking to improve our systems.

In a nutshell, screening systems are designed to scan inbound and outbound transfers to make sure we do not execute payments to sanctioned individuals and entities.

During the initial testing stage of these new systems, we decided that they were not calibrated to a standard that we would expect, so we therefore decided to temporarily revert to our existing controls, while we continued to enhance the new systems. In our view, the new systems were imprecise and were resulting in too many false positive cases, which in turn resulted in an increase in customer dissatisfaction.

This roll-out did not result in a money-laundering breach

At no point during this time did we fail to meet our legal or regulatory requirements. We conducted a thorough review of all transactions that were processed during this time, which confirmed that there were no breaches. Unfortunately, this fact was not included in the original news story. This roll-out did not result in a breach of any sanctions or money laundering laws and requirements - so we did not send a formal notification to the regulator.

And finally. Thank you, Peter

Yesterday, it was reported that my friend, Peter O’Higgins, would be stepping down as our Chief Financial Officer after three years at the helm. During his time with us, Peter has scaled our operations and expanded our team from 20 to over 800 people.

Unfortunately, the news of Peter’s decision to resign was caught up in the above recent media coverage on our compliance enhancement roll-out. Any suggestion that Peter’s resignation is in any way, shape or form connected to this roll-out is utterly false and damaging. Peter has since expressed to me that he has been hurt by this suggestion and sad that his departure has been tainted in this way.

In reality, Peter has decided to step down on the basis that he feels that the business will require someone with global retail banking experience as we prepare to apply to become a licensed bank in multiple jurisdictions.

While myself and the wider team will be sad to see Peter go, we all respect Peter’s decision to step down. I want to take this opportunity to express my gratitude to Peter for his commitment, enthusiasm and accomplishments over these last three years.

0 Likes

(Emma (still not the app)) #1012

So those leaked slack messages were removed after Revolut threatened legal action

5 Likes

(Kolok) #1013

https://www.ft.com/content/bd58f570-3e87-11e9-b896-fe36ec32aece?utm_source=dlvr.it&utm_medium=twitter

Link should open, if not search for ’ city of London police Revolut’ and click on the article and it’ll open.

0 Likes

#1014

The FT articles has been retracted. :open_mouth: It contained inaccurate facts, apparently.

0 Likes

(Emma (still not the app)) #1015

Yeah I think this is a more accurate story

3 Likes

(Nathan Steer) #1016

Yh, this boat’s getting a little too rocky for my taste (primarily the toxic environment for employees that bothers me though) pulling out my funds and closing the account.

To be honest, I was only really using it as a bitcoin account anyway (got a bit too over excited when the exchange rate on bitcoin took a nose dive), so not a big deal for me lol.

5 Likes

#1017

Definitely won’t be using Revolut for a while. Monzo and Dozens is enough for now.

2 Likes

(Nathan Steer) #1018

I can’t seem to get past the chatbot to talk to a real person and close my revolut account. Does anyone know how I can get to a real person in the live chat? :joy:

0 Likes

#1019

When Revolut loses control of its image in the media, part 375.

10 Likes

(Eve) #1020

Maybe they’re just going with “all publicity is good publicity”

17 Likes

#1021

Good grief. What on earth were they thinking there.

9 Likes

(Morgan Perry) #1022

I had a Revolut card that I haven’t used for ages. This PR nightmare just nudged me to close to account. Allegations true or not, I haven’t used the account so felt this was the right time.

Signed in and found loads of declined transactions in the last couple of months that weren’t made by me. The balance was 0 so thankfully no impact. Granted I didn’t have the app installed but they didn’t attempt to notify me about them…

Account closed via. Chat in about 20 minutes or so.

1 Like