Assignment Instructions: Revolut mobile banking platform You are required to prepare a report of mobile banking platform of Revolut . Report must discuss in depth the followings and have also the...

MOBILE BANKING PLATFORM OF REVOLUT
Table of Contents
Ecosystem which underpins their development and deployment strategies    3
Impact on society, business and lives    7
Structural challenges to their future adaption    9
References    13
Ecosystem which underpins their development and deployment strategies
Analyze and explain the development approach
Mobile banking is a software which should be implemented by Revolut from which the customers of the company can deliver various forms of financial services to the customers. Hence, it is the mobile banking service which helps and acts as a mobile extension of the banking services. Revolut can use these solutions for powering the mobile applications which is now becoming extremely popular among the banking customers globally.
The mobile banking facility which can be used by Revolut are by allowing the customers conduct various forms of transactions, allowing them to transfer money from one account to another and facilitate any forms of mobile payment facilities for making purchases. Therefore, Revolut can use this mobile banking application where the customers can access through their mobile phones and this can become one of the best and the profitable infrastructure of the company. Due to this reason the customers of Revolut will be able to get access to major traditional banking products and facilities. Mobile banking solution is considered as a part of the banking software for Revolut. The customers can make any types of payment and get all types of banking facilities through the mobile payment solutions offered by the mobile banking software of the company. It is European Central Bank which provides Revolut license for challenger bank which is being enabled by the Bank of Lithuania.
Further, the mobile banking solution of Revolut will be developed by a banking company, all the customers can access and operate the transaction through their mobile services and it will be able to provide operability with the help of mobile software (G2, 2022).
M-banking is a channel used by Revolut which helps the customers to interact with a banking platform through a mobile device or equipment which can be a mobile phone or a personal digital assistance device (PDA). But this technology does not include any forms of telephony service or dial-up system for providing m-banking services to the customers. Approximately, 60% of the big banks and financial institutions in Europe provides services to the customers through mobile banking facilities and all these facilities uses the WAP platform (Epaynews, 2001).
Competitive advantage strategy
The competitive advantage of Revolut mobile banking software will be its ability to provide high-quality support, ease of use, dashboard with diverse features and mobility. These features will help the customers to use without any difficulties and help to enhance the level of user satisfaction for using the mobile banking products offered by Revolut. Revolut is already a company which offers various financial services to the customers. The services it offers to the customers includes exchange of currency, debit cards, interest bearing vaults, virtual cards, crypto, commodities and trading of stocks which is free of commission. All these transactions done traditionally through banks by the customers can now be available in the mobile banking app of Revolut. Further, the Revolut mobile app will help in supporting the spending made by the customers and the ATM facilities and withdrawal whenever required by the customers. The withdrawals are available through the mobile app in more than 120 currencies along with transfers in 29 currencies which can be made directly through this m-app. Apart from that the customers will be able to get access of the cryptocurrencies in the form of Bitcoin where it can be exchanged with 25 types of fiat currencies through the mobile banking facility.
Further, the mobile banking service of Revolut will be provided by using WAP banking facility. The WAP sites are being hosted with the help of the servers and uses the protocols which are similar websites known as the hypertext transport protocol (3G Lab, 2000). Revolut is a British company and post Brexit the company will try to expand its business globally in order to deliver high-quality and diverse services with respect to the products through the mobile banking services as well as help in the economic growth of the nation.
Analyse key stakeholders and potential changes to achieve competitive advantage
It has been observed that since Revolut is providing IT based services, there can be variances in the types and quality of services provided by the other banks or financial institutions. This increases several challenges and complexities for Revolut while serving various stakeholders of the company. Also, its due to changes in the technology, there is a gamut change in the services offered by these financial institutions. Therefore, in order to understand the influences of mobile banking facilities offered by Revolut, we need to develop a broad-based strategy. This can be illustrated by emphasizing on the banking sector of United Kingdom.
Hence, the key stakeholders of Revolut can be explained through the Porters’ five force model as below:
1. Positioning of the traditional rivals which are present in the intra-industry. In UK there is stiff competition among the competitors such as the banks and the financial institutions who are offering mobile banking facilities to the customers. The mobile banking facility provided to the customers is still in the nascent stage and is delivered to only a handful of users who are tech-savvy and have knowledge to operate internet. Revolut operates in collaboration with the European Central Bank and Bank of Lithuania for delivering the mobile banking facilities to its customers through the mobile app. Since, the services provided by the competitors are quite similar in terms of m-banking service, it’s the competition in prices and commissions which creates a variance in the services provided by the competitors and hence rivalry (Olazabal, 2002).
2. The threats from the new entrants in this segment. It is due to deregulations in UK banking and financial service industry which has led to increase in competition among the banks and financial institutions. It is due to invention of internet, there has been significant increase in the online banking sectors which challenges the bricks and mortar financial institutions. Hence, it’s the WAP service which has received indifferent response in UK and globally (EMarketer, 2001). This was due to the fact that the perceptions of the customers are not robust enough which can help in building value within a small customer base. Also, the entry barriers of the m-banking industry are too costly and the new entrants should have sufficient knowhow of the industry and the customer needs. Hence, the market is highly regulated and necessitates a banking license for delivering m-banking services to the customers.
3. The threats from the substitute products and services offered by the competitors of Revolut. There are numerous substitutes providing mobile banking services to the customers in UK and globally. The competitors of Revolut are mostly the large banks in UK and other m-pay app-based companies such as Chime, PayPal, Skrill, N26 and Wise (Rozsa, 2022). It is the retail banking industry in UK which has been able to create a channel for delivering banking facilities for interacting with the customers and is thus a substitute delivering m-banking facilities for the customers. Although there are alternate competitors of Revolut, yet there are no other services or alternate technologies established like the mobile banking services. There is variance in terms of the prices offered for availing these facilities from one financial institution to another.
4. The bargaining powers of the...