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
Australians haven’t fully embraced Digital-Only banks, but open banking could change that: Forrester
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.
Digital bank Up has hit 100,000 customers since launching in October last year, the neobank attributes this growth to its quick sign up process and partnership with Apple Pay. Up said this means it is one of the fastest growing digital banks in the world. Anson Parker, head of product