Digital Banks

Oct
30

Neobank pioneer Brett King joins Xinja

Xinja, which is building a 100% independent digital bank, or ‘neobank’ for mobile, is adding significant global expertise to its organisation with the announcement that Brett King will act as a permanent advisor to the Board, and help guide Xinja’s strategic direction. Brett King founded neobank Moven in 2011, which launched the world’s first mobile, downloadable bank account. He is widely considered the most influential expert on retail banking innovation globally. Mr King was an advisor to the Obama White House, the US Federal Reserve and the Office of the Comptroller of the Currency on the future of banking in the United States. Mr King said: “I have been working […]

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Oct
24

2018 AFR Young Rich List: Emily Skye backs Millennial bank start-up

Fitness star and Young Rich Lister Emily Skye may have built a small fortune but that doesn’t mean she’s good with money. “I’ve never really known what’s going on with money, I mean I love to spend it but I’m not able to track it and really be responsible for it,” Ms Skye said. Ms Skye rockets up the 2018 Financial Review Young Rich List with an estimated worth of $36 million, reflecting growth in her online fitness business that attracted an undisclosed investment from Quadrant Private Equity this year. As she continues to build the fitness business, including releasing the first app for her FIT program this year, Ms […]

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Neobank Revolut to launch in Australia, 20,000 on waiting list

“I never want Revolut to be referring to itself as a bank,” says its head of marketing, Chad West. “We are an alternative to a bank. We are completely different.” Revolut, headquartered in London, was only founded three years ago; it now has over 3 million customers in Europe, a number that has doubled over the past nine months. The neobank is attracting 7000 new customers each day, and expects this will be 10,000 by the end of this year. In April it secured $US250 million in fresh venture capital funding for global expansion, at a valuation of $US1.7 billion. It’s the fastest-growing unicorn tech company in Europe. And according […]

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Oct
16

UP Bank launch

October 9th 2018 will go down in history as the day Australian Banking stepped into the future, with the official launch of Australia’s first Next Gen banking app.  UP is a partnership between Australia’s 5th largest bank, Bendigo and Adelaide Bank, and Ferocia, the software team behind Bendigo’s award winning banking platform. Tier One People Founder, Dexter Cousins was one of a lucky few guests at the launch event in Sydney. The launch itself was more akin to an iPhone launch than the launch of a bank. Founder Dom Pym (the dude in the beard) wowed the crowd with an amazing product demo. Guests watched on as Dom transferred money from […]

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Oct
09

Volt Bank signs PayPal deal to tackle customer inertia

Start-up Volt Bank hopes to tackle customer inertia in the banking sector by partnering with global payment giant PayPal to make the sign-up process easier. Under the deal, which is PayPal’s first partnership with an Australian company, Volt Bank will be able to tap into PayPal’s 7.2 million active user base in Australia to sign up customers using their PayPal account. This means PayPal customers will be able to use their existing personal data to skip a couple of steps when signing up to become a Volt Bank customer. The deal also means when Volt Bank issues debit and credit cards to customers they will be automatically linked to PayPal, meaning customers don’t […]

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Sep
20

Digital banking and neobanks

If all you’ve ever known is dollarmites and the big four, the idea of an online bank may seem a bit intimidating to you. But as banks roll out new app features and handy online services, the reliability of online banking grows, and makes room for digital banks and neobanks to emerge. If you’re curious about the world of online banks, we’ve answered some frequently asked questions below. What is digital banking and what online-only banks are there in Australia? Digital banks, or online-only banks are exactly what they suggest, banks that operate online through a computer or app on your phone. This means they don’t offer in-branch service like […]

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Sep
07

5th Annual FinTech Summit 2018: The Year of The Challenger and Neo-Banks!

5th Annual FinTech Summit 2018 – This is the Year of The Challenger and Neo-Banks! This year will see the launch of a number of ‘challenger’ and ‘neo-banks’ in Australia who will take on the Big End of Town. Remember – banks think they own the financial services sector because they have the customers and the distribution – the branch networks, and the (thousands of) financial advisors. Here’s the problem – all the new customers, the millennials, don’t trust the banks, or their advisors, and we haven’t yet heard the final recommendations of the Hayne Royal Commission – will there be criminal prosecutions? (Free Tip: It’s very hard to own […]

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Aug
28

APRA prepares to approve three new banks

There’s a prospect of there will be three new banks in the Australian market by Christmas, operating under unrestricted, full banking licences. That these could be held by three start-ups less than a year old – Volt Bank, 86400 and Judo Capital – shows just how fast the regulatory environment is changing under policy leadership of new Prime Minister Scott Morrison. As Treasurer, he championed the need for more competition to pressure incumbent banks to become more customer-centric. Before Morrison’s 2017 budget paved the way for new entrants to enter the deposit market by streamlining application procedures, APRA had granted only one new banking licence to a local player in […]

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