Neobanks

Churn is a term no bank executive wants to hear. But with the rise of neobanks in Australia, the customers need to come from somewhere. Australia is still in its infancy when it comes to neobanks. Xinja, Up, Volt and Judo were established in 2017 and 86 400 in 2018.

Much of the focus of the July 1 open banking kick-off was on the big four banks, however, some of the new types of financial services we expect open banking to deliver were already beginning to emerge. Innovation is coming from beyond the incumbents,  from the emerging set of neo

In an open banking world, consumers will flock to the best apps rather than traditional brands, according to AppDynamics ANZ director Benjamin Weldon, who says the shift is putting growing pressure on industry incumbents. According to AppDynamics research, in 2017 around one in four consumers reported being more loyal to

Emirates’ World Investments will invest A$433 million in neobank Xinja over the next 24 months, the companies announced today.  The massive capital injection is subject to relevant approvals and an initial A$160 million will be invested immediately. The remaining A$273 million available to be drawn down in multiple tranches as

The debate over the future of screen scraping in Australia is being complicated by the slow roll out of Australia’s open banking regime, a data sharing system which would make the practice obsolete. Screen scraping occurs when consumers provide their banking username and password to a third party, such as

Something a little different for our final cover story of the decade. We asked Which-50’s lead writers to tell ‘the story behind the story’ that most resonated with them this year.  The four they chose are snapshots of the massive transformations which are underway in businesses and society—and they represent

Money is pouring into Australia’s fintech sector as regulatory changes and digitally savvy consumers look set to open up the industry. A new report from Pegasystems, a global software company built on decades of success with large American banks, suggests Open Banking in particular could be a breakout moment for Australia’s growing cohort of

A fundamental change in banking has occurred in a relatively short period of time: power has shifted from large financial institutions to consumers. In response, banks need to rethink how they serve their customers. That’s the view of Marnie Baker, managing director, Bendigo and Adelaide Bank.    “The times are