Revolut, the fintech giant with over 3.5 million customers in Spain, is about to take a revolutionary step in the banking sector. The company has announced a series of innovations that will transform the Spanish banking experience from 2025. From ATMs with facial recognition to mortgages approved in 24 hours, Revolut is leading the way to becoming the bank of the future.
Smart ATMs, more than just ATMs
In early 2025, Revolut will begin rolling out its first ATM network in Spain, in particular, in the cities of Madrid and Barcelona. But these will not be ordinary ATMs. In addition to allowing cash withdrawals, these new generation devices will offer the possibility of obtaining Revolut cards instantly, becoming real customer acquisition points.
The most innovative thing about these ATMs will be their advanced security system. They will use facial authentication technology, similar to what users already use when registering in the Revolut app. This feature will not only increase security, but also simplify transactions by eliminating the need for physical cards or PIN codes.
Mortgages in one day, goodbye to banking bureaucracy
While Spain will have to wait a little longer, Revolut has ambitious plans for its mortgage product. The company promises to offer “the fastest mortgage on the market,” with Initial approval and final offer in just one business day. This process, which can traditionally take weeks or even months, will be completely digital, marking a before and after in the mortgage industry.
The rollout of mortgages will begin in Lithuania, followed in 2025 by Ireland and France. Although a specific date for Spain has not yet been announced, The product is likely to reach the Spanish market in the near future, given the strategic importance of the country for Revolut.
AI-powered financial assistant, your personal advisor 24/7
In an effort to offer a more personalized banking experience, Revolut will gradually introduce over the course of 2025 a financial assistant powered by artificial intelligence. This digital companion will adapt to each customer’s individual needs and preferences, helping them develop smarter financial habits and make better financial decisions.
The AI assistant will not only simplify administrative management, but also will provide personalized recommendations and detailed analysis of spending patterns, making Revolut much more than just a bank: it will be a real personal financial advisor available 24 hours a day.
Expansion of business services
Revolut does not forget the business sector. In 2025, Revolut Business will launch its first business credit product in Europe. Additionally, the company is exploring the implementation of biometric payment methods to help businesses manage their restaurant and retail operations through Revolut Kiosk.
The future of banking is here
Nik StoronskyCEO and co-founder of Revolut, he sums up the company’s vision: “We want to revolutionize banking for the benefit of everyone and we are on the right path to make it happen.” With more than 50 million customers worldwide, a milestone reached this week and growth of 10 million in 2024 alone, Revolut looks to deliver on its promise to transform financial services, and in Spain it will start with ATMs.
Interview between Time.news Editor and Fintech Expert
Time.news Editor: Welcome and thank you for joining us today! I’m excited about the topic we have on hand – Revolut’s upcoming innovations in the banking sector, particularly in Spain. To help us delve deeper into this, we have financial tech expert, Dr. Laura Gómez, here with us. Laura, it’s great to have you!
Dr. Laura Gómez: Thank you for having me! I’m thrilled to discuss these fascinating developments.
Time.news Editor: Let’s start with the basics. Revolut is set to roll out its own ATM network in Spain in early 2025. What makes these ATMs different from conventional ones?
Dr. Laura Gómez: Absolutely! These are not your run-of-the-mill ATMs. Revolut’s new machines will feature advanced facial recognition technology, similar to what users experience in their mobile app. This not only enhances security but also streamlines the transaction process by removing the need for physical cards and PIN codes. The ATMs will essentially serve dual purposes: facilitating cash withdrawals and acting as customer acquisition points for new Revolut accounts.
Time.news Editor: That sounds revolutionary! How do you think this will impact the customer experience compared to traditional banking methods in Spain?
Dr. Laura Gómez: It’s a game-changer! Traditional ATMs require physical cards, often leading to delays or complications, especially if someone forgets their PIN. With facial authentication, customers can enjoy instant access to their accounts, making banking more seamless and user-friendly. This innovation could significantly attract younger, tech-savvy customers who value convenience and security.
Time.news Editor: Speaking of innovations, Revolut is also promising to offer mortgages approved in just one day. What implications could this rapid approval process have for the Spanish market?
Dr. Laura Gómez: It could revolutionize how we think about mortgage applications. Traditionally, this process can be a long and tedious affair, often taking weeks or even months. By digitalizing and expediting approvals, Revolut is addressing one of the biggest pain points in banking. It empowers customers to make quicker decisions, potentially leading to a more dynamic real estate market. Though it’s starting in Lithuania and expanding to Ireland and France first, Spain is clearly on their radar, and we can expect a significant shift in mortgage acquisition once they launch.
Time.news Editor: It seems that the fintech sector in Spain is about to undergo massive changes. In addition to ATMs and mortgages, Revolut is also implementing AI for personalized financial advice. How significant is this feature?
Dr. Laura Gómez: Very significant! An AI-powered financial assistant available 24/7 can provide customers with tailored advice based on their spending habits, goals, and market conditions. It democratizes financial knowledge, making sophisticated advice accessible to everyone. This kind of technology allows for proactive financial management, facilitating better decisions while minimizing the need for human advisors, which can sometimes be impersonal or cost-prohibitive.
Time.news Editor: It sounds like Revolut is truly on track to become a strong competitor in the banking sector. What do you think will be their biggest challenge in the Spanish market?
Dr. Laura Gómez: One of the key challenges will be overcoming trust barriers. Traditional banks have long-established reputations, and many customers may be hesitant to transition to a newer fintech solution, especially concerning sensitive transactions like mortgages. Revolut will need to aggressively market its trustworthiness and security features to persuade customers to embrace this new model of banking.
Time.news Editor: Thank you for your insights, Laura! It’s evident that Revolut’s innovations pose exciting potential changes for the banking landscape in Spain. We appreciate you joining us today to unpack these developments.
Dr. Laura Gómez: Thank you for having me! I’m looking forward to seeing how these changes unfold.