Getting people to switch banks

#1

Just wondering what strategies Xinja have in mind for encouraging people to switch banks?

Whilst the royal commission helps in terms of eroding faith in some of the bigger financial institutions, I understand it is still common for people to stick with their bank.

Things that have made switching easy for me in the past include simple guidelines on how it is done, most of the hard work handled by the organistion to whom I am switching, no costs, and some incentives.

4 Likes
#2

Totallty agree Gareth @psychsplash - we are looking at just making it easy - something we’ve been thinking about for a long time - obviously in the future, open banking will make this a lot easier and we’re volunteering to be part of early work here, but it’s a 2 way street. However, there is other stuff we can do - the last thing we want to do is give people another financial headache in the switching process! We’ll be focusing on this more when, hopefully, we get our banking licence - we don’t have one yet but working on that!

3 Likes
#3

@CaptainXinja
Any movement on introduction of porting of Bank account numbers in Australia?

Correct me if I’m wrong @XinjaMaker but this is possible with the current account transfer process in UK?

Clydesdale giving that a massive flog at the moment.

Would be cool to see people able to move accounts like a mobile number.

I remember being devastated when I couldn’t take my 12 year old CBA account number with me to Macquarie.

DJ

2 Likes
#4

Hey Dylan @DylanJ - very interesting…we will be watching this closely - lots of implications re not having to transfer direct debits etc…:slightly_smiling_face:

1 Like
#5

@CaptainXinja They have been putting it out there with a ‘guarantee ‘ of transference of the account.

#6

Hey @DylanJ can you point me in the direction of the Clydesdale account porting? Can’t find it online! Many thanks!

#7

Hi Camilla,
@CaptainXinja

Try this link:

https://secure.cbonline.co.uk/personal/current-accounts/switch/

Cheers,

DJ

1 Like
#8

Interesting Volt Bank got their RADI, as far as I can tell… no product in the market yet.

Made some inquiries today.

Cc: @weeksy_j

2 Likes
#9

Thanks @DylanJ - so looks like a rapid switch service rather than keeping your account number…which is kind of understandable - but I wonder if we could?!

1 Like
#10

@DylanJ & @weeksy_j - Yes Volt got their RADI - so we think first product will be a transaction account - probably in a few months.

#11

Oh.

Makes sense.

Would be interesting to find out with open banking because I view the account number as a piece of property of the user like their number from a telco.

Cheers,

DJ

2 Likes
#12

It’s not in the Treasury Review into Open Banking or the resulting consultation papers. I believe it is not going to make it into draft enabling legislative amendments (which will be made to the Competition and Consumer Act 2010).

In Australia, this will have to be done by phone calls and emails and reminders to merchants for the foreseeable future (at the cost to the neobank or consumer).

Or you could get the Google Duplex to do it, if it isn’t busy booking haircuts: https://www.youtube.com/watch?v=bd1mEm2Fy08 :joy:

1 Like
#13

Thanks @david. think that there are a lot of switching services actually being developed… question is will the government let them switch them on! We see it as pretty key at Xinja

1 Like
#14

Isn’t complying the importance here as opposed to solution design?
I hope you guys are being innovative, simple, light and stupidly easy to use/switch over -bottom line, I hope you guys are challenging old-school mentality and can confidently disrupt this scene. Please let me know otherwise. Cheers

#15

Hey QTron, sorry for the delay on this one. I can confidently say there’s a little bit of innovation in everything we do; from not relying on old, bulky legacy systems, to being open to blockchain integration, as a whole Xinja is definitely challenging that old-school mentality. While it won’t all happen at the same time, we’re keeping an open mind and looking at the challenges people face with traditional banks in a new light. Hope that answers your question!

2 Likes
#16

Yes there’s also http://86400.com.au who are now in the market and pitching their wares to be a bank but the end of the year.

Backed by CUSCAL and teams of bankers. Also by one of the UK guys who founded Atom.

It’s an active space now that Xinja has made the first, most exciting and comprehensive move :blush:

2 Likes
#17

But with Cuscal my opinion it would be more of a rebranding than something radically new. Really odd name too.

1 Like
#18

Seconds in a day. 86 400. I’ll be honest when I got the text I thought it was spam. I’m trying not to tall poppy this one because I love the idea of more competition in the banking space and Xinja leading the charge as a category leader, it’s great. But I think they’ll change branding in due course… you watch.

#19

I agree.

I’d like to see 3-4 of them doing really different things. I understood the name but it didn’t catch my fancy.

1 Like
#20

I actually reckon 86 400 is going to be a nightmare; do we say 86/400… or eighty six thousand four hundred? Because if you have to say eighty six thousand four hundred every time you reference the company, I’m not going to want to reference the company. Ever. To anyone. For any reason. Because I’m so damn sick of saying eighty six thousand four hundred.

5 Likes