Would you bank with Google, Amazon, Facebook or Apple?

Soon, going into a bank branch to speak to the manager about getting a loan will be as outdated as driving to Blockbuster to rent a VHS cassette.

Banking in Australia will increasingly be digitised over the coming years, as neo-banking looks set to disrupt Australia’s financial industry.

What’s a neo-bank?

Neo-banks are digital-only banks that don’t have physical branches or rely on legacy operating systems; in other words, they’re not just the digital front of a traditional bank.

There are smaller local neo-banks emerging, but the ones that are poised to make the most impact are the big tech behemoths Google, Apple, Facebook, Amazon (GAFA).

But will neo-banking be good for consumers?

To read more, please click on the link below…

Source: Google, Amazon, Facebook and Apple (GAFA) and neo-banking