Search Result: volt

Feb
12

Neobank partners with wealth platform

Volt Bank has formed a technology alliance with wealth management platform Spitfire to set a new standard for banking and wealth management integration. Under the new alliance Spitfire will manage the neobank Volt’s soon to be launched deposit products in an effort to cement its position as a ‘one stop shop’ for investors. Customers of the two companies will have the ability to view and trade their assets in a single portal, including viewing and trading global assets. Volt co-founder and chief executive Steve Weston said the collaboration between the two companies made sense as they shared the same vision. “Spitfire and Volt share an ambition to improve their customers’ lives […]

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Jan
29

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 […]

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Jan
23

Big four banks consider creating their own digital brands

Each of the big four banks have considered launching new digital bank brands to attract new, young, digital-savvy customers. Apart from National Australia Bank’s UBank, the plans have been non-starters, getting lost among layers of bureaucracy, management changes and restrictions on new investment. But the pending launch of Volt Bank, which on Tuesday received an unrestricted banking licence from the prudential regulator, and with Up already in the market, the majors might be forced to reconsider whether creating entirely new standalone digital brands, or partnering with emerging players in the emerging “neobank” space, is needed to stay on the front foot in the fast-moving world of digital banking. NAB is […]

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Jan
18

Australians more reliant on bank apps than the UK

We’re checking our bank apps nearly 10 times per week. According to a new State of Mobile 2019 report from App Annie, an app analytics and app market data platform, Australians check their bank apps nearly 10 times per week while those in the UK managed just over seven times each week. The findings reveal an increasing reliance on financial apps globally, with global downloads of finance apps hitting 3.4 billion in 2018, an increase of 75% from 2016. The difference in the usage of apps between Australia and the UK in particular is surprising considering how much more developed the fintech banking space is in the UK compared to […]

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Jan
09

Millions looking to leave major banks

New research has found that over two million Australians are currently seeking new banking providers, with many currently customers at one of the big four. The research produced by Nielsen found that 2.1 million Australians are seeking new providers and 67 per cent of them are currently customers at one of the big four. The research found that Australians were increasingly looking away from the established banks and instead looking at digital banks, with a five-percentage point increase in Australians looking to change to digital banks in the past twelve months. Nielsen’s head of financial services and insurance Jo Brockhurst believed that the open banking legislation would see this number […]

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Nov
30

‘We’re tech companies’: The neobanks’ advantage

A big advantage that “neobanks” have over the big four is that they are nimble and highly scalable technology companies focused on customer experience, according to the co-founder of Up. After hearing Stephen King from the Productivity Commission (PC) claim that challenger lenders do not have a realistic chance at competing with the major banks and will ultimately be “gobbled up” by them, Dominic Pym said the advantage that challengers such as his company Up, along with the likes of Volt and Xinja, have is that they are technology companies with a focus on improving customer experience and the ability to move and adapt fast. Speaking on a panel at […]

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Nov
01

Neobanks are about to explode onto the Australian market

A number of restricted banking licences are expected to be issued to aspiring neobank startups by Australian authorities in the next few months. A raft of fintech players, including Xinja and Up, have already completed detailed applications to the prudential regulator APRA. The first licence went to Volt in May this year, creating another bank in Australia for the first time in 28 years. Since then, key players have been working to complete the regulatory hurdles to be able to call themselves a bank. APRA hasn’t a timetable for an announcement of new restricted authorised deposit-taking institution (RADI) licences but several startups expect an announcement shortly. The new restricted licence […]

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Oct
19

Missed the 2018 FinTech Summit? Here’s the best recap you’ll read

Tuesday 16th October. The 5th FinTech Summit took place in Sydney. An all-star line-up of FinTech leaders and a sell-out crowd made this the best FinTech Summit yet. The topics of open banking, the rise of challenger banks, the recurring themes of raising capital and hiring talent were all debated. But the prominent themes of the day were integrity, ethics and genuine care for customers. There was a real sense of excitement in the room, with the audience recognising we are at the beginning of a new era in FinTech. Presentations by UP Bank and Xinja demonstrated the differences between a digital challenger bank and a neo bank. Using ground […]

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