British challenger bank Revolut recently gained its UK banking licence. That will help it make big waves in 2025 and beyond. An effort driven by the company announcing £1.1 billion in pre-tax profits from existing operations. So, it has a strong base for growth.
Looking at how the business operates. A snippet appeared in the company annual report (PDF) about how it encourages its workers to perform at their best and manage risk.
In a letter from Pierre Decote, the chief risk & compliance officer, he states, “Our strong risk culture underpins our 3LoD model, promoting employee understanding and ownership throughout the risk life cycle. We foster this culture through a company-wide program that uses training, knowledge resources, and early warning dashboards to encourage desired risk behaviours. Our industry leading proprietary scheme, Karma, is essential for measuring and incentivising good risk and compliance outcomes, and its coverage was expanded in 2024 to address our organisation’s growing complexity.”
Better karma for Revolut
In the consumer banking landscape, the effort is in response to early issues over compliance at the nascent bank. One that helps encourage positive, compliant behaviour. The system sees employees gain and lose points depending on their efforts. That will ultimately affect bonuses, and provide a feedback loop to reinforce good behaviour.
Looking at the company’s CX efforts, its aim is to “… endeavour to make our customer experience frictionless. For cases where customers need to contact us, we are targeting improvements in resolution speed, while maintaining superior contact experience. We continue to strengthen our award-winning customer support through improved processes, training, tools, and automation.”
Revolut stated, it was “working hard to complete the setup of our processes before formally starting operations as a UK bank during 2025.” Expect plenty more news as it aims to create a powerful digital customer banking experience.