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?
It's called - Xinja. It sounds millenial - because that's who it's targeting: those between 25 and 45 - who do almost everything on their mobile phone.
The business received its full banking licence from the prudential regulator earlier this week - allowing it to launch transaction accounts to its 13- thousand customers.
Savings accounts will follow soon.
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