I LIKE the fact that XINJA is

I am a great believer in giving credit where credit is due, and also importantly, creating and encouraging positivism :rainbow: in the environment around us (particularly when the world is becoming more time-driven and consequentially less tolerant and more critical in a negative way).

So, I thought I would start a new thread on WHAT XINJA IS DOING RIGHT

A recent email from XINJA…

:+1: :+1: :+1:


  • Informing its customers by email BEFORE an interest rate change is implemented. :mega:

Customers like to be kept informed, particularly something as important as interest rate.

Sounds like something really basic, right? But even the big banks don’t do it well.

Many of the Australian banks DO NOT inform their customers of deposit interest rate changes by email. Why? I suspect they want to quietly keep customers at lower deposit interest rate products.

I have personally seen it many times. CBA, St George, Westpac, CUA, etc. quietly cut interest rate to existing deposit accounts as they create another deposit product with higher interest rate to entice new customers. The result: existing customers (unknowingly) lose out by keeping money in low interest rate account; banks get cheaper funding and make more profit. Frankly, I think it is an unethical way of making money, which should be made illegal **.

** There is currently no legal requirement for banks to individually inform its customers of interest rate change. Most banks simply post an advertisement on a major newspaper, to meet their absolutely minimal obligation. Who reads physical newspapers nowadays?

:mega: :mega: :mega:

So, what do you like about the things that XINJA is doing right?

:question: :question: :question:


I also like XInja’s 10 Golden Rules:

  1. No dickheads… However good they may be. No dress code, but sometimes you need to look smart :-). No power trips because of a hierarchy. Intellect, customer experience and implementation is all that matters.

  2. Everything is in the cloud.

  3. We use real-time data to evaluate our business and we reward staff on a quarterly basis with an entirely discretionary profit share. No one gets a share of the profit if our investors aren’t making money and our customers aren’t happy.

  4. We are here to make money, that’s why we exist, and we don’t screw people over to do it. We don’t lie to our clients in person or in marketing. We don’t engage in immoral lending; if our grandmother would think it was wrong, then it is. We aim to make lots of money ethically and we are proud of it.

  5. No one is entitled to work at Xinja. It is a huge honour to represent people’s hopes of a new bank and we earn that honour every day.

  6. We look after our people bloody well. We stand by them if they are in genuine need.

  7. We are truthful and direct with each other. Everyone says what they think in a robust, challenging, edgy environment. That means we won’t be the right place for everyone to work, and that’s ok.

  8. We only hire people better than us. We never, ever settle because we need a body. We do psychometric testing to get the best people, every time.

  9. About half our team, executive and board will be female, if they aren’t we aren’t recruiting the best people. We actively seek all types of diversity combined with brilliance.

  10. If you discriminate against someone because of who they love/sleep with, you’re a dickhead… Please see rule 1.

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I’m purely a customer because they are truly a neo bank. I.e. They have no existing big corporation behind them, which makes them almost likeable, for a bank. I get it, they are a business, they need to make profit and ultimately no investment can be truly ethical, I am not entirely naive.

However, whatever mistakes they’ve made/will make are their own. They don’t have a legacy of evil behind them, there’s no way to sugarcoat the Big 4 opening accounts in dead peoples names, or turning the screws on the disadvantaged/elderly. I had a relative who got tricked into opening a credit card they couldn’t afford and, long story short, had to be bailed out by multiple family members.

I have a grudge that I still haven’t settled with NAB. The fact that the CEO of Xinja is a former NAB exec is an irony not lost on me, incidentally. Second chances and all that, I suppose. I simply hope the CEO will reward my faith and tread a path less dubious that his old masters.

Also, Xinja currently have a smaller customer base and that is something the Big 4 (Or 5 or 6?) will never match because it would be insanity to want to lose customers. This means you get superior customer service, for want of them wanting to keep the loyal customers they have and also not needing to field as many calls/messages as a big bank.

The most impressive part of Xinja, for me, is how interactive the executive branch can be on the forum. I’ve never interacted in any capacity with a Big 4 bank CEO, whereas I’ve seen the CEO of Xinja type on the forum. I don’t even know who runs CBA. It genuinely could be a council of dark mages lead by Count Dracula himself.

I saw one of the members of AMP during the royal commission. He seemed less scary when being grilled but didn’t seem any more contrite. I bet the average customer has never sent an email to or received any communique from an exec of their board, they deal solely with a local branch and a specific person within that branch.

So that’s me spilling my guts on where I stand with Xinja. Truthfully, Up and 86400 are ahead of the game with features but that instantly makes me think of the money being poured in to achieve that. What exactly are Bendigo and Cuscal going to do to recoup that investment?

I’m fine with the little guy and apart from Xinja, Volt are the only other minnow in this pond and they are further behind than Xinja so it’s a no brainer for me.


Hi @David_Langham thank you and welcome :ninja_emojis_pink_01: Eric is flat chat at the moment or I’d encourage him to respond directly! There’s a story he tells about working in a big 4 bank, however, which is that he got into a lift there one day, and on the wall was an ad for a new product that he realised was actually designed to get people further into debt (honeymoon period to lure them in followed by crippling rate). That was a bit of a road to Damascus moment and he’d decided to leave and start is own bank before he got out of the lift. Anyway, I’ll make sure he’s back in here before too long, and thanks again - it means a lot to use to hear this. Cam


That’s so true. Happens to me in lifts all the time.

Escalators though… totally different story.

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surely it’s about how many floors? When they say ‘elevator pitch’ I always say ‘which building?’ The Burj in Dubai, or example…

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