Start-up banks looking to shake up Australian banking
When it comes to banking, chances are you’ll be familiar with the traditional Big 4 banks, Commonwealth, Westpac, NAB and ANZ. But are you familiar with Xinja, Volt, Wildcard, Pelikin or 86 400? These are just some of the up and coming so called neobanks in Australia.
Already popular overseas with the likes of N26, Atom and Monzo, neobanks are hoping to offer real competition to traditional banks and to capitalise on the pressure the banking royal commission is putting on traditional banks, particularly with millennials.
Vincent Su spoke with Charles Nave, Head of Partnerships at YBF Ventures to find out what makes a bank a neobank.