I’m so excited to have joined and be apart of this community of primarily young Aussies who want to improve banking and take control of their finances once and for all!
I have a few ideas which I think would only further make me commit to switching over my banking entirely to Xinja in the future
I think term deposits are a great starting point for those who are perhaps not confident in “investing” like myself. I’m trying to take control of my finances and I have done a couple of term deposits now with other bigger financial institutions. At the moment, only ONE other neo-bank offers term deposits, and because of the minimal overheads, they could offer really great interest rates. I’d love to see Xinja do the same!
Notifications of Interest Rate Changes
One of the things I love about Xinja is the transparency between bank and customer. It is something you can’t put a price on. I think an email or push notification of interest rate changes would be invaluable
Loyalty/Refer A Friend Rewards
I’d like to think that those members which have been here since the beta days could be rewarded somehow for having faith in Xinja from the start. I’m not entirely sure on what type of reward could be issued…perhaps if you had term-deposits, rollover bonuses could be good?
Multiple Card Designs
Although I personally LOVE the bright pink card, I’d love to see a couple of different card designs for those of us who have multiple people in the family who want to use the same bank. Whilst I don’t mind having a “vertical” card, I have heard that it can be difficult for those using Uber? This would need confirmation. I personally prefer the more traditional horizontal card though.
Roundups For Stash
I’ve seen lots of banks starting this option, which is a great option for those of us who perhaps aren’t so good with saving. I think it’s a real drawcard
In addition to Xinja, I am also with a Big 4 bank. In order to sort my money for different savings goals, I have to open lots of additional online accounts which provide little interest. The whole process is very tedious. I’d love to see goal setting so that you can tick things off your mental list without having the hassle of opening a lot of new accounts.
Future Withdrawal Notifications
I have seen the neo-bank 86 400 show future withdrawals so that you can make sure you don’t leave yourself too little money - things like subscription services and recurring payments get notified so you make sure the account its overdrawn. I like that it can remind you of the specific dates that payments come out so you can plan ahead.
Tracking Spending/Saving Habits
I love the idea of being able to track how much I save and spend and i think powerful data visualisation is key to it being a success. Up Bank do this quite well at the moment.
Thanks for giving me a platform to give suggestions!