Interview: Anthony Thomson, 86 400 – roaming numerals
In an exclusive interview, Anthony Thomson, chairman of Australian challenger bank 86 400, tells FinTech Futures about what makes it different from its rivals, and why the big four Down Under got what they deserved. Most people don’t want to be the same as others and strive to be different and stand out. For challenger bank 86 400 (pronounced eighty-six, four-hundred), up against plenty of other Australian rivals such as Xinja and Volt, Thomson wants to make it known about its distinctive qualities. “Unlike others, we made the decision to apply directly for a full banking licence, rather than piggyback off another licence, or via the restricted licence route.” The […]
Verrency extends its global reach with Banco Davivienda partnership to explore payment innovation services in Latin America
Banco Davivienda, one of Colombia’s largest banks, has signed an agreement with global payments innovator Verrency to be a launch partner in Latin America. The deal enables Banco Davivienda to leverage the Verrency platform to rapidly trial and launch new card programs, payment services and fintech partner solutions to its consumers and small business customers.Banco Davivienda joins Verrency’s growing list of financial institution clients recognized as innovation leaders in digital transformation around the world. The list includes banks such as Emirates NBD’s Liv., the fastest growing bank in the UAE targeting millennials through lifestyle-based banking experiences; Volt Bank, Australia’s first independent 100% digital bank; UnionPay, Asia’s largest cards network; an […]
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 […]
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 […]
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 […]
‘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 […]
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 […]
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 […]
