6 emerging FinTechs disrupting the Neo-Banking space in Australia

By Gloria Mathias

Newer generations prefer convenience and ease of use, and traditional banking does not offer it. The tug of war between the established players of today and the neo-challengers of tomorrow will be won by those that adopt customer-centric Digital Banking technologies quickly.

IBSi features in-depth profiles of 50+ Digital Banking technology vendors, with a track record of 25+ successful consulting engagements globally and has solid experience implementing digital transformation strategies for Financial Institutions of all shapes and sizes.

Below listed are 6 Neobanks pioneering the digital banking industry:

• Douugh

Douugh is on a mission to democratize banking, developing a bank account with a brain, designed to help you live financially healthier. The Douugh bank account offers full banking functionality, complete with a government guarantee on deposits up to $250,000. One can send and request money, split bills, create savings Jars, and connect all your existing bank accounts and credit cards.

• Hay

Hay is an Australian fintech company that provides digital banking services. Hay was founded in 2018 in Sydney. Their goal is to offer fast, simplified, mobile banking to Australian customers.

• Tyro payments

Tyro is powering the future of business with innovative payment and banking solutions. It knows what it takes to grow a business in Australia, which is why it combines the best people, technology, and partners to develop products that simplify payments and commerce.

• uBank

UBank is an online-only bank that offers savings products and home loans. It’s a division of National Australia Bank (NAB) and uses NAB’s banking license, balance sheet, risk management, and technology infrastructure. UBank also participates in the Australian government’s deposit guarantee scheme.

• UP

Up is an Australian digital bank that helps customers organize their money. It was founded in 2018 by software development companies Ferocia and Bendigo & Adelaide Bank. Up is based in Melbourne, Victoria, and has over 700,000 customers, mostly young Australians.

• Volt Bank    

Volt Bank was Australia’s first online-only bank. It was also the first neobank to be issued a restricted ADI license by APRA. Volt was the next gen of banking, fully digital, independent, and completely transparent. It offered a range of retail bank products, under the Volt brand and for its Banking as a Service partners. Volt is no longer a bank but is seeking for its edge technology platform to have a future in the marketplace.