Hi James - thanks for the question. Hang on a few weeks and we will be announcing it! It’s not quite the right time for us commercially to let everyone know as we are still dotting i’s and crossing t’s with our partner.
Perhaps however, if it’s helpful I can paint the picture of how we made the decision.
When making a decision like this we have to decide what sort of a bank we want to be (NB Xinja is not a bank yet).
At one end of the scale there are the super innovative, completely new to Australia banking platforms like Mambu and Thought Machine out of Germany and London respectively. Personally I love these systems and believe they offer fantastic outcomes for bankers and customers, however they have never been approved for use in Australia.
At the other end of the scale you have the platforms that are already commonly in use in Australia. On the plus side they are well known by the regulators so don’t take long to get approved. They are solid, well resourced locally and easy to implement. Going with them is a valid decision, its the big bank, safe for shareholders option.
The problem for us, and this is only our opinion, is that if you build a neo bank using older technology that is exactly the same as every other legacy bank in Australia, what you end up with is a legacy bank squeezed into a digital platform.
We want Xinja to deliver brilliant customer experiences, be nimble, agile and low cost. We want to do things for our customers that will blow their minds with how cool and helpful they are. In our opinion you can’t do that with a core banking platform that’s from a previous generation. We have promises to keep to customers/investors and we can’t do that with legacy technology. We want to be the Monzo or Tesla of Australian banking. Not a mini Big 4 Bank.
Our chosen partner we hope strikes a really strong middle ground. Well established globally and well enough established in Oz to be acceptable to the regulator…but omg innovative, designed specifically for our business model and with the full weight of a global cutting edge software company behind it.
Are we right to go down this path? We hope so, but only time will tell.