Australia’s growing cohort of neobanks still face a persistent challenge around awareness and trust, despite millions of consumers being unhappy with major financial institutions, according to new research from Nielsen. Sign up for Which-50’s Irregular Insights newsletter But Nielsen’s data, based survey of consumers over the last three financial years,
Depending on what type of bank a consumer uses – major, regional, mutual or neobank – they have varying levels of trust according to a new report from Deloitte. The report, Open Banking: Switch or Stick? Insights into customer switching behaviour and trust shows the differences in trust between major
Challenger bank 86 400 has launched its first home loan product, nine weeks since the public launch of the new bank. The neobank, which initially launched with savings and transactions products, has today launched a digital home loan offering through brokers. Sign up for Which-50’s Irregular Insights newsletter The new
A neobank, budgeting tools and payment services are among the first 10 companies selected by the ACCC to trial data sharing as part as Australia’s incoming open banking regime. Open banking, based on the recently passed Consumer Data Right (CDR) legislation, is set to kick off formally in February 2020,
Digital-only banks operating in the UK are growing quickly but still struggle to show profitability, according to new research from Accenture. Based on current growth rates, digital-only banks could amass a total of 35 million customers globally within the next 12 months — up from 13 million today — according
From today, Australians can move their money into savings and transaction accounts offered by neobank 86 400. The challenger bank’s public launch will also introduce users to new tools to help them manage upcoming bills and subscriptions, and provide an overall view of their finances across multiple banks. The launch
Neobank Xijna has secured its full banking licence and is rolling out transaction accounts to its early customers. The Australian Prudential Regulation Authority (APRA) said today it has granted Xinja its licence to operate as an authorised deposit-taking institution (ADI), officially joining the ranks of Australia’s new banks. Webinar: Can
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
The title of Australia’s newest bank has changed hands once again, with neobank 86 400 receiving its ADI licence from APRA today. 86 400 is the third fintech upstart to earn itself an unrestricted banking licence this year, after Volt Bank collected its banking licence in January, followed by Judo
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.