australia neobanks

Aug

Pandemic takes toll on Australia’s neobanks

Before covid-19, the sky seemed to be the limit for Australia’s virtual banks. They were rapidly accruing users, in some cases surpassing their own forecasts. Venture capital kept flowing into their coffers. The pandemic slammed the brakes on the neobanks’ ascendancy. Demand in Australia remains for innovative digital banking services…

Jul

Asia Banking Research

Australia enters open banking era

Australia launched its open banking regime on July 1, ushering in an era of increased competition and customer choice. The regime allows a customer of any of Australia’s Big Four banks – National Australia Bank, Commonwealth Bank, Australia and New Zealand Banking Group and Westpac – to ask that their…

Apr

Asia Banking Research

Australia’s neobanks grapple with impact of virus

2020 started well for Australia’s neobanks. Deposit bases were growing quickly. Some Australian neobanks were on track to reach their deposit goals well ahead of their sales forecasts. That was before the coronavirus became a global pandemic. The virus has spread like wildfire globally in the past few months, sickening…

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