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New 'neobanks' could be a win for consumers

Neobank XINJA's online appearane Source: Banking Exchange

Competition in the banking sector took a big leap forward this week - with the launch of a number of online - mobile-only platform neobanks.

These financial organisations are backed by the government just like the big four but have no physical branches so how will the traditional banks react and will Australians warm to them?

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