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IBAN Switch

Empowering
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2024
Germany
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Team

Cagri Mercan Bozok, Lusine Sarafian, Hannah Weiser, Jolene Tan-Davidovic, Alex Bailon, Alba Ten

Company | Institution

N26

Category

Production

Type

Professional

Project description

An International Bank Account Number (IBAN) is crucial for identifying bank accounts across countries. It includes a country code, indicating the account's country. However, in the EU, while businesses must legally accept any EU country's IBAN for transactions or payroll, some still prefer local IBANs. This preference impacts expatriates, digital nomads, and global citizens who often reside in one EU country but have a bank account from another, leading to issues in receiving salaries, paying bills, or accessing local services.

N26 aims to proactively confront the issue of IBAN discrimination, a particularly relevant issue for expatriates and global citizens — a significant part of our user base. Our dedicated service is specifically designed to empower these individuals to transition effortlessly across regions within the European Union, where N26 offers local IBANs. The seamless process allows customers to keep their existing bank cards and transaction history, ensuring continuous access to the familiar functionality of their account, even when opening a new local IBAN account. Our commitment to providing an uninterrupted, borderless banking experience supports the mobility and financial inclusion of our customers, resonating strongly with remote work and the gen z community.

Illustrating this commitment, N26 has recently introduced the French IBAN Switch (FRIBAN), making it possible for users to migrate from a German IBAN (DEIBAN) to FRIBAN while preserving their banking history. This advancement facilitates a smooth financial transition for anyone moving to France and making sure a consistent and empowering banking experience with N26 within its serviced EU regions.

Addressing this, N26 introduced the IBAN Switch service. It allows customers to effortlessly switch from their existing IBAN (like a German IBAN) to a local one in their new EU country (e.g., a French IBAN). This service minimizes the changes for customers - they keep using the same bank card and access their transaction history, while N26 handles the technicalities of closing the current account and opening a new one in the background. Designed to be invisible to the customer, this service maintains their relationship with the bank, the functionality of their card, and their transaction history, thus reducing disruptions in personal financial management and allowing easier tracking of financial activities.

This service is particularly beneficial for expatriates and global citizens,aiding them in adapting to new financial environments without restarting their banking journey in each country. It simplifies banking experiences for those with international lifestyles, making financial transitions smoother and more manageable.

THE IMPACT

N26's initiative to switch French residents' IBANs from German to French is a significant move for both customers and the company. Aiming to complete this for 600,000 eligible customers by early 2024, with 10,000already transitioned, this shift simplifies banking for users. It allows for easier transactions and aligns services with local needs, potentially improving customer satisfaction and loyalty. For N26, this strategy promises increased revenue through enhanced transaction efficiency and a broader customer base, boosting its financial health and market position.

This change is not just a procedural update but a crucial step towards providing seamless banking experiences for customers on the move. It demonstrates N26's commitment to adapting to the dynamic needs of modern banking customers, especially those who value flexibility and regional specificity in their financial dealings.

THE PROCESS
  • To tackle IBAN discrimination, N26 began with a discovery process to understand user pain points, especially those affected by IBAN discrimination. This involved analyzing user behavior and challenges faced by frequent border-crossing expatriates and global citizens.
  • Legal research ensured compliance with EU banking regulations, and technical research facilitated a seamless transition for users, integrating different banking systems while securing data migration.
  • The design process prioritized an intuitive, user-friendly interface. A stepper component and a process track information card were developed,focusing on control perception and tracking capabilities.
  • This approach aligns with N26's vision to change global financial relationships and establish a widely appreciated banking service,addressing the practicalities of cross-border banking and enhancing user experience.

N26 aims to proactively confront the issue of IBAN discrimination, a particularly relevant issue for expatriates and global citizens — a significant part of our user base. Our dedicated service is specifically designed to empower these individuals to transition effortlessly across regions within the European Union, where N26 offers local IBANs. The seamless process allows customers to keep their existing bank cards and transaction history, ensuring continuous access to the familiar functionality of their account, even when opening a new local IBAN account. Our commitment to providing an uninterrupted, borderless banking experience supports the mobility and financial inclusion of our customers, resonating strongly with remote work and the gen z community.

Illustrating this commitment, N26 has recently introduced the French IBAN Switch (FRIBAN), making it possible for users to migrate from a German IBAN (DEIBAN) to FRIBAN while preserving their banking history. This advancement facilitates a smooth financial transition for anyone moving to France and making sure a consistent and empowering banking experience with N26 within its serviced EU regions.

Addressing this, N26 introduced the IBAN Switch service. It allows customers to effortlessly switch from their existing IBAN (like a German IBAN) to a local one in their new EU country (e.g., a French IBAN). This service minimizes the changes for customers - they keep using the same bank card and access their transaction history, while N26 handles the technicalities of closing the current account and opening a new one in the background. Designed to be invisible to the customer, this service maintains their relationship with the bank, the functionality of their card, and their transaction history, thus reducing disruptions in personal financial management and allowing easier tracking of financial activities.

This service is particularly beneficial for expatriates and global citizens,aiding them in adapting to new financial environments without restarting their banking journey in each country. It simplifies banking experiences for those with international lifestyles, making financial transitions smoother and more manageable.

THE IMPACT

N26's initiative to switch French residents' IBANs from German to French is a significant move for both customers and the company. Aiming to complete this for 600,000 eligible customers by early 2024, with 10,000already transitioned, this shift simplifies banking for users. It allows for easier transactions and aligns services with local needs, potentially improving customer satisfaction and loyalty. For N26, this strategy promises increased revenue through enhanced transaction efficiency and a broader customer base, boosting its financial health and market position.

This change is not just a procedural update but a crucial step towards providing seamless banking experiences for customers on the move. It demonstrates N26's commitment to adapting to the dynamic needs of modern banking customers, especially those who value flexibility and regional specificity in their financial dealings.

THE PROCESS
  • To tackle IBAN discrimination, N26 began with a discovery process to understand user pain points, especially those affected by IBAN discrimination. This involved analyzing user behavior and challenges faced by frequent border-crossing expatriates and global citizens.
  • Legal research ensured compliance with EU banking regulations, and technical research facilitated a seamless transition for users, integrating different banking systems while securing data migration.
  • The design process prioritized an intuitive, user-friendly interface. A stepper component and a process track information card were developed,focusing on control perception and tracking capabilities.
  • This approach aligns with N26's vision to change global financial relationships and establish a widely appreciated banking service,addressing the practicalities of cross-border banking and enhancing user experience.

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