Trust: People in Australia trust their banks to do things effectively. They may not trust them to do the right thing. Challenger banks will establish new type of trust. The margins in banking are pretty high compared to other markets. We believe that profit is a by-product of great customer experience.
Data Ownership: Large banks see the data as their data for their own benefit. On the other hand, customers see it has their data for their benefit, especially younger customers. People will share data once you can demonstrate how you can use their data to provide value to them. Once you do that, they do not worry so much about privacy, etc. Customers are already getting a lot of value from offering their data on other platforms.
Regulation: The big difference across markets is regulation. In China, you can offer a lot banking without being a bank. Not so in Australia.
Tech Partners: We have 40 technology partners. With partnerships, we can do things much faster than the large banks.
Competing: There are number of tier 2 banks that have done well. Collectively, as a group, they are not growing. Many of them also have legacy systems and lot of their offerings are similar to that of the big banks. We are looking to bring genuinely different offerings.
Mortgage: Mortgages is a huge business in Australia, and mortgage brokers are playing a major role, with one major benefit they bring in being a price reduction. Mortgage brokers also get faster response.