Digital banking is on the rise and with the current COVID-19 situation, it is reaching new heights. Bunq is one of the established players in the digital baking scene and it has now announced the third revamp of its app, Bunq V3. The company is adding a host of new features with the update, which are aimed at enhancing usability. Additionally, a new feature will enable users to donate for any charity they want to support.
Bunq’s latest update is inspired by users
The updated version of Bunq is currently available in public beta, on the App Store. The app is revamped to be simpler and it now consists of four tabs with one just one button on each tab. The four new tabs are named Me, Us, Profile and Camera. The ‘Me’ shows users the time, money and CO2 they have saved, while the ‘Us’ tab provides information on everything about bunq, from total investments to trees planted. The Profile tab shows the user’s personalised profile with their information. Finally, the camera tab for users to scan invoices and receipts.
In an interview with Silicon Canals, Ali Niknam, Founder and CEO of bunq, says, “V3 will make life easy and we have been doing the same with Bunq, since the start. Bunq was the first to launch a fully mobile onboarding experience when other banks required users to visit a branch, and fill paperwork, ultimately wasting time.”
“At Bunq, we always look at how to make things better and by closely listening to our users, we noted some improvement points. We started working on this project, which turned bigger and we ended up completely remaking the app. This is why we internally call the update Bunq V3, which is the third major redo of the app. Greatly simplified, it is in the public beta App Store.” Niknam adds.
Support charities or start your own!
In addition to Bunq’s new revamped look and UI, there is also an option to donate to charities. Multiple establishments, especially local ones, are severely impacted due to coronavirus. From salons to grocery stores, there are multiple local establishments that were shut down during the coronavirus and some of them even closed down. With Bunq, one can not only support existing charities but also create their own local charities to help businesses in need. The app also allows one to invite other users to support their charities.
Niknam remarks, “Many of our users have a strong moral compass and numerous ‘bunqers’ — as we call both, people working for bunq and our customers– are deeply engaged in bettering the world. We are trying to make it easier for them with our new feature. One sets up a page for a charity and others can donate to it through various means. These means include IDEAL, which includes the Dutch payment system, credit card, Bunq and others. When a donation is made, we transfer it to the iBAN (International Bank Account Number), which is publicly available on a donation page. You can set up a charity in seconds and share it with your friends to start fundraising for that goal.”
When users have the option to start a charity, there’s a chance that someone might use it for false purposes. To counter this, Bunq runs anti-fraud and anti-money laundering systems on all of the transactions and ensures that the donated money is transferred to the IBAN specified on a page.
COVID-19 effect and the future of digital banking
While COVID-19 impacted multiple businesses, Bunq, being a smart platform was not impacted to the same degree. Commenting on the situation, Niknam says, “We commenced working from home and since we are completely digital with Slack and G Suite, there weren’t any problems. However, Bunq is special and there are many young people around the office. After a few weeks into lockdown, some people missed their colleagues and the energy of Bunq. While there has been some ease in lockdown, we are looking forward to further lifting of lockdown measures in the Netherlands.”
Digital banking is not a novel concept for the technologically advanced Netherlands. There are other regions that are developing rapidly. As per Niknam, “The Netherlands is already at the forefront of digital transformation. However, people in other countries like Germany still use cash a lot. We definitely see this changing rapidly. Furthermore, we are devoted to hiring the best talent. So, if anyone reading this is interested, we might have a great job for you.”
For those in the fintech sector dealing with the current coronavirus situation, Niknam has some words of wisdom. “Remember the old saying, It is always darkest just before dawn. What I’m saying is just keep your head cool. This too shall pass, life will go on and everything will be fine again.” says Niknam.
Image credits: Bunq