COVER STORY: Australia’s Neobanks have Cleared Key Regulatory Hurdles, But Will Customers Embrace Them?
The Australian market for neobanks is less than a year old, but the new entrants have big ambitions to change the way consumers bank — putting the pressure on Australia’s biggest and most established banks. The newcomers have already cleared significant hurdles by appeasing Australia’s regulators to secure their banking
Australia’s newest digital bank, Up, believes it can thrive in an already saturated market where the big four banks are well entrenched. According to the company’s founders, to attract notoriously sticky banking customers Up plans to double down on its agility and customer experience. Backed by Bendigo Bank and Adelaide