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Soon, going into a bank branch to speak to the manager about getting a loan will be as outdated as driving to Blockbuster to rent a VHS cassette.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