I’ve raised the point a few times on here regarding how people use bank accounts and how that behaviour should direct the approach Xinja takes to their product offering.
My issue is that Xinja has always been fixated on their ‘Bank Account’ product and seem to think that every single other product they develop needs to revolve around this one account. This is simply not what people want. Its not how people bank. (and yes I realise there will be the vocal few who disagree). You’ve been told numerous times but don’t seem to listen.
Some throw away lines from this years annual report:
Regarding Dabble -
“integration with the bank account”
“Autoinvest feature straight out of their bank account”
General comment -
“key hygiene features for the Bank Account”
I’m sorry, but the Bank Account is not central to everything. Customers need their bank to be flexible and to allow them to bank in the way that works for them.
This being the case, if I choose to use Dabble, the last thing I’d want is for an autoinvest to come out of the Bank Account - I want it to come out of Savings or elsewhere.
The key hygiene features also need to apply to all accounts, not just the Bank Account. People need to direct debit from savings, or Bpay from savings or anything else. The last thing anyone wants or needs is to have money flying out of their spending money… bad bad money management to do that.
In my experience, bank customers generally need the following:
- An Everyday transaction account - A zero fee account with a linked Debit card, free access to ATM’s, unlimited EFTPOS transactions (and basic functionality such as Direct Debit, Osko, PayID and BPay). The point of this account is to use it for day to day spending and as part of good money management it should only hold the money you’ve budgeted to spend for that week, fortnight etc.
The Xinja Bank Account is this Everyday transaction account.
- Savings Accounts - An interest earning account that also offers basic functionality such as Direct Debit, Osko, PayID and BPay. Customers generally should be able to open multiple savings accounts for different purposes and each one should have its own account number.
Xinja Stash is this Savings Account - but we need multiple and they need the basic features.
Please Please Please start to listen to what your customers want and stop thinking everything needs to revolve around this one simple transaction account. It’s simply not how people bank and is not consistent with any other bank in Australia, including the other neobanks.