NEWS
Revolut launches UK bank
Revolut Bank UK has received regulatory approval from the
Prudential Regulation Authority( PRA) to exit the mobilisation phase and launch as a bank in the UK. The launch comes with an existing base of 13 million UK customers and follows Revolut’ s recent commitment to invest £ 3 billion and create 1,000 highskilled jobs in the UK.
This milestone means that Revolut Bank UK will be able to start offering accounts as a fully licensed bank for both retail and business customers. It enables Revolut to offer deposit accounts protected by the FSCS on eligible deposits and paves the way for a wider range of services in the future, including lending and other products.
Revolut will gradually begin the process of rolling out current accounts to new customers, starting with a small group and expanding over the weeks to ensure a smooth user experience. For existing customers, nothing changes immediately, and customers’ Revolut app and cards will continue to work as normal. Customers will be notified about the migration to the new bank, a process that is expected to take a few months in total.
Nik Storonsky, Co-founder and CEO of Revolut said:“ Launching our UK bank has been a longterm strategic priority for Revolut, and marks a significant moment in our journey. The UK is our home market and central to our growth.”
Changing technology, cybersecurity threats and economic turbulence pile pressure on business leaders
Almost three-quarters( 73 %) of senior decision-makers within UK businesses said their roles had become more complex since 2020.
This is according to a study by Alliance Manchester Business School( AMBS), one of the world’ s leading business schools. It commissioned Censuswide to survey 500 managers, directors and C-suite executives within UK businesses.
When asked what factors had contributed to this increased complexity, the most common response was the emergence of new technologies, such as Artificial Intelligence( AI). More than three in 10( 31 %) respondents selected this as one of the main reasons for their jobs getting harder.
Other key factors were increased cybersecurity and data privacy risks( 28 %), the performance of the UK economy( 27 %) and new regulation and legislation( also 27 %).
Elsewhere, a quarter( 25 %) of the business leaders surveyed said that pressure on meeting expectations around diversity, equity and inclusion( DEI) had been a contributor to the greater complexity of their roles over the past five years. The same number( 25 %) cited the rise of remote working, while 21 % pointed to employees’ pay demands.
Stuart Wells, Managing Director of Executive Education at Alliance Manchester Business School, said:“ Over recent years, significant new pressures have been placed on business leaders, and evidently this has translated into the vast majority feeling as though their roles have become far more complex.”
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