Original text here from Patrice Bernard (LinkedIn)
While attempts by banks to venture into the telecommunications realm "above ground" have gradually vanished in France (with Crédit Mutuel being the possible exception, as far as I know), Revolut is making these types of partnerships fashionable again... with a rational and far more convincing value proposition.
Just as with their fleeting offers for internet connectivity at the end of the last century (who remembers VooNoo by Société Générale?), many financial institutions have tried to ride the emerging wave of mobile telephony and the opportunities created by the concept of a virtual operator. However, without a real business model or, crucially, any significant differentiation from the market giants, who could believe in any success?
Conversely, when Revolut integrates into its app an economical solution for accessing mobile networks worldwide through a partnership with specialist 1Global, the approach is different, aligning directly with its generic positioning as a companion for globe-trotters. Moreover, practically speaking, let's not forget that to use the startup's services, customers obviously need an internet connection, wherever they may be.
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To a great extent, the initiative appears as an adventure beyond banking, focusing on user experience. Returning to its roots (as I noted a few days ago), the startup incorporates into a single, coherent tool a range of useful functions for the borderless citizen: payment methods, insurance, travel... and now, the essential maintenance of electronic connection with the rest of the world.
As expected to attract its target audience, the new option is fully integrated into Revolut's environment. Technically, it manifests as an "eSIM," a software version of the traditional SIM card that eliminates the need to juggle multiple chips, and its usage aims to be as simple and transparent as possible, both for activating a plan that precisely meets the user's needs and for utilizing connectivity itself, automatically optimized.
Although I was previously somewhat critical of its international transfer capabilities, Revolut undoubtedly continues to lead the way when it focuses on its original mission (rather than getting lost in a dream of becoming a generic, featureless neo-bank). It rolls out everything that makes an extension beyond its core business appealing, with a unique assembly of services for a clearly identified population and extreme attention to ease of use.
