digital bank

More than 50 per cent of US consumers wanting to change banks would consider a digital-only bank, with the same finding reflected in a similar UK survey, according to Juniper Research. However, the findings showed that banks need to be more than technologically competent; users’ top priorities include sign-up benefits

National Australia Bank is buying 86 400, one of Australia’s leading digital only banks. The incumbent plans to combine the neobank with its own digital bank UBank. NAB already owns an 18.3 per cent stake in the challenger bank. It is now proposing to buy the remaining shares for a

“Micro lender” Nimble says correlating system performance to customer journeys is allowing it to improve the customer experience as the company seeks to become a fully-fledged digital bank and shed its payday lending tag. The company tapped New Relic, a cloud-based service monitoring software provider, to help plug the holes

Australian digital-only bank 86 400 today announced $34 million of new equity, closing a Series A capital raise and bringing the total amount of capital it has raised to $90 million. The funds will go to new product and feature development and support mortgage book growth. The latest round of

The total number of digital banking users will exceed 3.6 billion by 2024, up from 2.4 billion in 2020; a 54 per cent increase, according to a new study from Juniper Research. This growth will be driven by the rise of digital-only banks and the ongoing focus on digital transformation

Most National Australia Bank customers now interact with the bank exclusively through digital channels and the bank’s digital-only offshoot, UBank, increased its customer base by 40 per cent over the last two years, according to NAB’s financial results released today. The bank also revealed it has shifted 19 per cent

Westpac today announced it is partnering with 10x Future technologies, a UK-based cloud banking provider, to build a new core banking stack that allows third parties to offer Westpac banking products through APIs. Download: Open Banking – How Consumers, Innovators & Incumbents All Benefit The new stack will be run separately

Most Australians are now banking exclusively through digital channels, according to Boston Consulting Group’s annual retail banking report, which sounds a warning for banking incumbents. BCG says technology and rising consumer expectations are eroding incumbent banks’ long established advantages and younger consumers see less value in their traditional offering of

Across APAC consumers increasingly prefer digital channels for financial services. The trend, combined with regulatory changes that lower barriers to entry, is helping digital-only banks overcome incumbents’ traditional trust and scale advantages, according to new research from Forrester. But in Australia, the research shows the pace of switching to digital-only

London-based neobank Revolut has launched in Australia today after the ASIC allowed the bank to use its European electronic money licence to support itself in Australia. The neobank is valued at US$1.7 billion and is one of the fastest growing companies in Europe boasting more than 4 million customers worldwide.