Traditional banking with Xinja?


#1

I know Xinja will be a ‘mobile’ only bank and that the demographic you’re going for is millennials (amongst others) - but call me old fashioned, I’d like to get an understanding of what traditional banking services will be available (you know, to look after those ‘adult’ things).

Can someone please update me on:

  • Online Banking - will there be an online banking site at all accessible via a browser?
  • BPay - will this be available, and if so, only on the mobile app?
  • Mortgage - again, manageable only on the mobile app? Is there redraw facilities etc.
  • Statements - will they be available to download and print - only on the mobile app Logistically this one would be a little more difficult.
  • Cheques - don’t need a cheque book of course, but the option to order a bank cheque?
  • Cash withdrawals greater than a $1000 ATM limit? Will Xinja partner with a larger bank so that we can withdraw large amounts of cash? ie. I needed $20K cash last month for renovations… how would I do that with Xinja?

What other ‘traditional’ banking products do people still need that may fall outside of a mobile only banking existence?

At the end of the day if I’m to transfer all of my banking activities to Xinja, I’d need to know that some of, if not all the above is available.

Thanks!


#2

Hey Brett - great questions thank you!:ninja_emojis_pink_03:

In order…

  • Online banking - no, for bank accounts it will be mobile only - for home loans there may well be both but this is currently being finalised
  • BPay - in the pipeline, may not be first release of the bank account but is definitely in there and will follow pretty quickly if not first release (apple and google pay we are planning for first release incidentally)
  • Mortgage/home loan - as per above, may be both app and web - the details of the first home loans we’ll be offering are still being finalised, but may well include redraw facilities :slight_smile:
  • Statements - yes you’ll be able to access/download/forward a pdf of your statement(s) from the app
  • Cheques - no there are no plans at the moment for having bank cheques
  • Cash withdrawals- the current $999 is only on the prepaid card (and because it’s a prepaid card - now that we’re a bank, this doesn’t apply and won’t when we bring out bank accounts - where we’ll follow the industry standard of $2000 per day ATM withdrawal limit. We are not planning to facilitate larger cash withdrawals at present so to withdraw $20k you would have to take out the max limit over 10 days from an ATM.

You can expect the bank account to do all the regular stuff with the exception of Bpay initially as per above, and as I said, we’ll announce the specifics of the first home loans as soon as they’re finalised. Hope that helps!


#3

Thanks Camilla @CaptainXinja

Looking forward to seeing how the BPay functionality works. Hopefully it will allow saving of regular billers.

I just wonder though if there might be a lack of support for those that need occasional access to larger payments to pay cash or bank cheque (for example paying a property deposit or purchasing a car).


#4

Hi Brett - the reality is we won’t be able to support all scenarios, and we are focused on building a new kind of digital banking experience that serves most current and future needs. With limited resource, we have to make choices and cash or cheque based facilities that are dwindling significantly in number are therefore a lower priority. The circumstances in which people are not able to take a digital payment are becoming fewer and fewer, and we are a digital bank. Whilst we are not planning to offer these facilities, I hope you understand why. :slightly_smiling_face: