Neobank Douugh wants to take HENRYs from the big four after Regional Australia Bank deal

Douugh, an Australian fintech start-up run by SocietyOne co-founder Andy Taylor, has secured the last piece of the puzzle it needed to join the race to knock off the big four banks as one of an emerging group of neobanks.

The company, which has developed a so-called “smart” bank account, with an artificial intelligence-based personal finance assistant known as Sophie, has secured a wholesale banking deal with Armidale-based Regional Australia Bank, meaning it will be able to offer full bank accounts later this year.

The partnership agreement means Douugh will bypass the need to go through the APRA approval process, which saw Volt Bank announced as Australia’s newest bank on Tuesday.

The start-up aims to stand out from the other emerging tech-led alternatives to established institutions, through its smart assistant, which will calculate a customer’s likely expenses and advise them on spending habits, in order to increase their financial awareness and reduce their reliance on credit card debt.

Mr Taylor said Douugh was likely to be most popular among a demographic known as the HENRYs, or High Earner Not Rich Yet, because it automates personal finance to a certain extent and educates customers about accumulating wealth.

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Source: Neobank Douugh wants to take HENRYs from the big four after Regional Australia Bank deal