Follow TopicFollow Contributor Share Feedback
Revolut Launches Behavioral Science Team

Revolut Launches Behavioral Science Team

by Starling Insights

Starling Insights Editorial Board

Sep 14, 2023


Banking sector regulators have taken to emphasizing the importance of culture to the conduct among firms, and the outcomes that result.  In many instances, such outcomes have represented consumer harms and risks to financial stability.  Now, so-called “neo-banks” and other fintech firms are facing scrutiny akin to that experienced by the entrenched incumbents they hope to disrupt.

For instance, the UK's most valuable fintech company — Revolut — has faced much criticism for the allegedly toxic work environment it had allowed to prevail. Hoping to win a UK banking license, in January this year Revolut announced intent to establish a new behavioral team, charged with driving shifts in the company's culture. 

The new "CultureLab,” was to house a team of behavioral and data scientists, working to help drive a more "human" approach to management within the firm. Reports suggest that this culture change program would revolve around inculcating a set of "values-based” behaviors among employees, to include being "inclusive, approachable" and "respectful at all times." Performance reviews and recruiting efforts were also to reflect the priority of desired culture fit.

Revolut has denied that this effort was explicitly aimed at improving its chances of receiving a UK banking license.  Rather, the initiative was described as an attempt to allow the "human" element of work to catch up after a period of rapid growth. "I wouldn't say this is a straight reaction from regulatory discussions," said Hannah Francis, the Head of People Experience at Revolut. "This is more linked to our growth and how we're changing and the feedback we were getting from our people. We really needed to shift and change.”

It is unclear how this initiative has progressed since it was announced. However, if Revolut and other new players in the financial industry hope to compete effectively against entrenched institutions, they will have to demonstrate to regulators and customers alike that their ability to manage culture and conduct concerns is as good if not an even greater than that of traditional financial institutions.

Join The Discussion

See something that doesn't look quite right?

We strive to provide high quality and accurate content at all times. With that said, we realize that sometimes links break, new information becomes available, or there is something that you feel we may have missed.

If you see something that you think we should be aware of, we would love to hear from you. Feel free to drop us a note below and leave your name and contact info if you'd like to hear back from us.

Thank you for being a key part of the Starling Insights community!