As I mentioned yesterday there are some safety concerns over how N26 secures their customers details and accounts. This is an issue all Fintech companies will experience – the trade-off between getting a product launched quickly and ensuring the product is completely secure. The video is 30 minutes long and I found it very interesting. While the video concentrates on the programming styles and design choices N26 made you do not necessarily need a background in programming to find it interesting.
I do think a lot of us have blind faith in traditional banks and we presume they know what they’re doing with their IT systems. However, looking at the Ulster Bank issues again this weekend and from what I’ve heard from people who work inside banks their IT systems are essentially held together with duct tape. While I would have concerns about N26’s security I’m not overly sure I trust legacy banks any more. In the end, I signed up with N26 yesterday and am thinking of ditching KBC altogether now.
In the interest of full-disclosure, links to N26 are affiliate links. Should you click through to N26 via my affiliate link and sign up to their bank account I will receive a small commission payment. These affiliate payments have no impact on my reviewing of the product. If you believe I have been influenced by the potential commission when reviewing a product please call me out.