It’s been a long time since we’ve seen some genuine innovation in the banking industry. Australia’s Big Four banks have had a stranglehold on our wallets for decades, with a lack of competition keeping fees high and consumer choice low.
Even as the internet, smartphones and apps transformed other service industries - taxis, hotels, even your Friday night takeaway - little changed in the banking sector. In fact, it was only late last year that archaic fees for using another bank’s ATM were scrapped.
Meanwhile, things have been moving a little faster in the US and Europe, where digital banks have been taking advantage of developing technologies and relaxed regulations to launch seriously attractive alternatives to the legacy banks.