neobank

Last year a handful of Australian neobanks launched within a few months of each other, taking advantage of regulatory changes from APRA that made acquiring a banking licence more accessible. So far the banks have passed significant milestones; 86 400 is offering home loans and an energy comparison service, and

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

Partway through its Series D capital raise, Australian neobank Xinja is inviting customers to back the new bank if they meet the definition of sophisticated or wholesale investors. The company is currently conducting a $50 million Series D raise with the first tranche of $20 million already secured. Previously Xinja

Neobanks operating in the UK added more than 6 million new customers in the second half of 2019, ending the year with 19.6 million customers globally, according to Accenture’s Digital Banking Tracker. Accenture’s research tracks the performance of UK neobanks – those that offer financial products via digital channels –

Open banking may be delayed, but one of Australia’s new banks is keen to show Australians what their data can do for them.  Neobank 86 400, which launched in September after securing its banking licence earlier in 2019, has unveiled a comparison tool called Energy Switch, which the bank says

Neobank Volt has begun onboarding the first customers on its waitlist, 11 months after receiving its licence to operate as a bank.  Now in beta, the challenger bank is offering 2.15 per cent interest on savings accounts, with a wider public launch planned for 2020.  Listen: Our open banking webinar

The scheduled launch of Australia’s open banking regime is just two months away, however new research shows three-quarters of Australians haven’t heard of the incoming data portability scheme and half are concerned about the security of their data. Open Banking is a government and regulator-led scheme which mandates banks share

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. But Nielsen’s data, based survey of consumers over the last three financial years, suggests one in two consumers are open

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

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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.  The new entrant to the home loans market is