New 'neobanks' could be a win for consumers

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?

Neobank XINJA's online appearane Source: SBS