SIBOS 2018: The rise of challenger banks in Australia

Reported by: |Updated: December 24, 2018

Views of Van Le, Chief Strategy & Innovation Officer, Xinja

Push vs Pull: Banks were created initially to keep money safely. Now the opportunity is much more. People have been wanting all financial services in one place on a smart phone. The issue is the hierarchy of financial needs, such as cash in emergency, making utility payments, etc. Banks have found new ways to shove products to customers across new channels. Banks have not found out what customers really want with regards to money and their lives.

Leveraging Analytics: Banks know what a person is getting paid for a particular job and what is the average pay for the same role in the market. If one of their customers is getting underpaid, why are they not telling that customer to ask for a raise.

Starter banks evolving: We have learnt a lot from starter banks in UK and Europe. We also noticed that these strategies changed over time and also based on new emerging technologies. We are looking at industries that have not been disrupted in recent times.