Digital Bank, a new challenge in the Australian banking industry

Australian customers are paying attention to the advent of digital banks beyond simple Internet banking services.

Businessmn hand holding smart phone.Virtual digital technology concept,Social media Source: Moment RF

Neo Bank is based on Cloud IT system, which is totally different as current bank system. With this innovative system, they can serve various online transaction services and low rate loan, high rate interests, and no-account fee.

Volt bank is first mover of Australian Neo Bank. In last month, APRA in Australian government, give a license of unrestricted authorised deposit-taking institution (ADI) to Volt bank. And they will start saving account service in March and transaction card service in May, just like as current banking service.

Xinja bank, started as a first cloud funding Neo Bank in Australia, had restricted authorised deposit-taking institution (RADI) in last May and started prepaid transaction card service. Also, two more banks, 86 400 bank and Judo capital are preparing ADI to do Neo Bank in Australia.