What is a digital/neo bank
Digital and Neo are interchangeable descriptors for a new type of bank that is emerging in the Australian financial industry. These banks are just like the traditional banks except they are completely digital. No branches and are completely accessed through apps or websites. They also lack the archaic banking back end systems that many say are holding bank the traditional banks from innovating and improving rapidly.
These digital banks also hold full banking licences and are protected by the same guarantees as traditional banks. So you can sleep soundly knowing your money is safe.
Digital banks aim to improve the banking experience for their customers by offering lower fees, great app experience and better customer support through chat and other new technologies. These banks will likely only get stronger when concept like open banking become mainstream.
List of digital/neo banks currently operating in Australia
Up Bank
I have written about Up bank here if you want to read an in depth look into their operations. Up are probably the most advanced digital bank in Australia currently. Their app and banking services are the most full featured of the lot.
Xinja
Write up coming soon.
86400
Article about 86400 can be found here. They are younger than Up but they look to have just as many features. As of June 2020, I think the have one of the best bank account offerings in Australia and are definitely worth checking out.
Volt Bank
Volt bank haven’t released bank accounts yet.
archa
archa haven’t released their products yet.
Judo Bank
Judo mainly focuses on products for small and medium businesses but they do have some personal banking products.
Have you looked into any of these digital banks? Are you having good or bad experiences? Let us know below.