Dmitry Zlokazov, Head of Product at neobank Revolut, recently noted that the joint accounts feature should help the app become more social and “inclusive.”
Revolut’s new joint account feature is available for consumers across Europe.
As noted in the update from the Fintech firm, joint accounts are part of the virtual banking platform’s latest 9.0 app version. This new version was introduced on April 13, 2023 and is available for iOS and Android clients in the European Economic Area (EEA).
Some of the other key features that Revolut is offering via the upgrade reportedly include group chats, home screen shortcuts as well as various other user experience (UX) improvements which are based on customer feedback.
Zlokazov explained that the recent customization options and enhanced UX make it simpler for users to navigate through the app’s various features and products.
He added that he’s “particularly glad to see that Revolut is becoming even more social and inclusive, suiting the needs of different people, relationships and budgets.”
He also mentioned that both joint accounts and group chats “will help to easily sort out money matters with whomever we share our financial life – blending the best of existing social and banking features.”
As explained in the announcement, opening a joint account requires the parties to have Revolut accounts and also update their Fintech apps to the 9.0 version. They also have to share the same country location that their personal accounts were officially registered in and not be part of other Revolut joint accounts.
As noted in the update, the decision to offer joint accounts is based on a survey carried out by Revolut which revealed that 58% of European consumers were eager to maintain a joint account in order to manage their expenses with their partner.
And around a third of respondents wanted to keep their accounts and budgets separate from each other.
As mentioned in the announcement, Revolut’s latest chat feature had initially been rolled out in November to let clients thank others for sending them funds, share GIFs and request money.
The update further noted that group chats may now further extend this feature to a group of friends / family members in order to manage payments while communicating with each other.
The Fintech firm’s services are reportedly used by over 25 million customers across the globe.
This past week, the neobank had finalized the process of transferring its 2 million+ clients based in Ireland onto Irish IBANs as it aims to encourage more consumers to use it as their main banking platform.
This past month, Revolut’s management stated that it would be introducing automobile insurance packages across Ireland with a current waitlist in place until its official roll-out before the summer of 2023.
Earlier this year, the firm also introduced a new credit card service.