The Start Smart

Banking in Australia &

Why are Neobanks on the rise in Australia?

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Neobanks and fintechs are revolutionising the banking space. Our insights show that first time banking customers are embracing neobanks whilst existing customers are starting to see them as strong contenders to take over their current bank. How are neobanks changing banking for consumers?

Banking in Australia & Beyond series Produced by:

Yasmine Masi

Passionate about what the future holds, Yasmine is looking to combine the leaders of today and the potentials of tomorrow to build meaningful discussions and Opinions on critical issues and challenges for the industries of the future.

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How have neobanks built an entire banking experience through an app on a smart device?

“It's actually more personal than face to face, which is fascinating. And so this change with COVID-19, it was coming anyway, with every single segment. Predominantly banking on mobile, what this is going to do is make it more ubiquitous, normal, and it will help accelerate trust. Our trust scores are going through the roof at the moment as well, because we can actually deliver a better experience than a traditional bank.”

Travis Tyler, 86 400’s Chief Product and Marketing Officer

What are neobanks offering that traditional banks aren’t?

“A neobank starts with no customers and that means no legacy products to support, no resistance to change, things like that. You know that there are certainly advantages in the early days, and it means we can move faster, we can try stuff. We can fail and change tack without a big cost, without inconveniencing a bunch of customers. So I think that it also comes down to like who are you targeting? I think probably what we will see in the future is more targeted neos.”

Anson Parker, Up Bank’s Head of Product

How are neobanks revitalising old operations in the banking space?

“We kind of identified that - actually, through our experiences more than anything else - the business banking market was a terrible experience for the people in it. We had bad experiences with our bank, we had other companies having bad experiences with their bank. And so we kind of started looking at that in terms of an alternate strategy that we would think about running in parallel. And we’re obviously a small team, we can't do too much. So I think towards the end of last year, we announced that we were going to focus on a corporate card, a corporate credit card, and that's because I think we can deliver a lot of the functionality and solve a lot of the problems that are facing customers of business banks today.”

Oliver Kidd, Archa Money’s CEO

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