Xinja is Disappointing

I don’t want to say it, I’m an investor, but it’s true. It’s been about 9months since the new app was released and it still feels like it’s a minimum viable product rather than a growing and exciting piece of technology.

The only major changes has been stash and Apple Pay. And they’re really just bare essentials.

There is zero reason to use Xinja over almost any other bank or neo-bank. I don’t recommend it to anyone, even worse, I can’t recommend it to anyone. I don’t even use Xinja, I use Up. What benefits does Xinja have for someone? Yet there are marketing campaigns promoting Xinja, what happens when they’re successful and people download the app and it’s in its current state?

Yes, it’s supposed to be a Beta, but Betas belong in the mantra of Move Fast and Break Things. Nothing is happening. Nothing is improving. Nothing is exciting.

In October last year I mentioned that there’s no card details in the app unlike some other uk neo-banks. It was said it was due to security concerns. Up added the ability to view and copy full card details in app in January. Surely this isn’t a technically hard thing to add for what is supposed to be ‘not your parents banking’.

I know that Xinja is juggling fundraising, covid, feature development and regulatory compliance. But the consumers are faced with an inferior product. Forgetting the lack of features there are still UX and UI issues - card displayed on all account tabs, wrong orientation of card, low information density, still can’t paste account details for new payee, etc.

Who is Xinja even for in its current state? It’s not exactly exciting for technology first adopters. Pelikin has pushed through as a card for travellers. Currency swap and store; split bills; @handles; squad perks from Ola, TravelSIM, The Iconic, Expedia, etc.

Maybe there’s lots of stuff happening in the background but, to a user, Xinja is disappointing.


I agree with the last post.
A bank i cannot pay bills from is next to useless.
I have watched bpay get pushed around, now somewhere in the next 3 months.
Not good enough.
No bpay by the end on July i will UP UP and away.


Agree with your sentiment.

What I find most bemusing is that the Xinja team seem to take every opportunity to present at events/conferences. Whilst I understand that this is related to the hype/capital raising cycle, the reality is these events require an incredible amount of preparation. This is time and effort that could be used to deliver basic core functionality.

In any event, I image the CIO would feel a little sheepish standing up at a conference talking about how good the technology stack is when you still can’t Bpay or download a bank statement.


All very harsh, but all very true.

I’ve also moved on in terms of being an active user. I gave Xinja a go, just like Eric asked, but while the lack of anything in app was acceptable maybe in the first couple of months, it’s really a bit of a joke now. The lack of progress has been super frustrating.

I invested though so I keep checking in here on the forum. I think this place is the one thing helping to keep people connected to the brand…without it Xinja would probably be a distant memory for many.

The one thing to remember though is that although it hasn’t gone to plan, people’s livelihoods are on the line, so I still wish them all the best. There is still time to sort out the strategic errors that have led to this situation.


Hi @Azzy - I’ll respond to all on the main points here but just on the events/conferences thing…we turn down the vast majority. Our CIO has spoken at a couple recently aimed at the tech community. There isn’t much preparation - he has a tech stack slide he talks to and that’s about it - doesn’t even need to go somewhere under COVID. Whilst we’re late on features, the architecture is innovative and good and there is nerdy interest around this. This is really the only stream we’re encouraging from an event perspective and it’s for recruitment reasons. When we get access to more $ we need to start hiring good developers to accelerate delivery including the bank account features. We’ve found this is the best way to attract the right talent and it’s a lot cheaper than recruitment agencies. BTW, there is no BPAY yet you are right, but if you want to download a statement, go to account/statement - select the one you want and forward the PDF via email or any other channel (eg for iOS airdrop to your pc).

I’m going to risk being branded an anal personality here. I don’t use email for anything that has my bank account details on it. Download the statement from the app and transfer via Bluetooth or USB to PC is probably what I would do. But the point really is that users are going through hoops to get something done and that’s not right.

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Hi @rc-reg you can download to your phone or direct to things like dropbox or icloud, however what would your preferred route be? Or do you mean there should be a web portal? Many thanks :ninja_emojis_pink_03:

It’s probably been mentioned previously, I don’t often check statements, but quarterly statements are too few and far between. The option to get them monthly would be more convenient.

I’ve also mentioned somewhere else that Xinja statements in particular are full of Transfers from Stash because you won’t allow users to transact from there. Leads to messy statements and the inconvenience of manual transfers.

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Yep, I can get the statement from the app and send it to my PC by some means secure, which excludes email… There are threads, in addition to posts above, about what people are missing with the current state Xinja is in

I feel like the main crux of my post has kind of been ignored :confused:


Hi there
Having read the OP a couple of times to get the feel of the comments I’d like to point out that with any new business, banks included there is an evolution towards getting the balance right between what is currently available and what can be achieved in the future given ongoing business and the right people for the job.
Yes, I agree there are some limitations but when you look at the bigger picture a large majority of new customers joined because of the fantastic ongoing interest rate they offered with the Stash account. It has been sensibly temporarily suspended because of the current climate and the rate dropped from 2.25% to 1.8% but for those of us who were fortunate to have a Stash account, to me it’s still a bonus in comparison to so many other institutions , UP included, that have requirements and $ limitations to get their Bonus interest. For me personally, having no conditions and an ongoing Stash interest rate up to 249K I’m happy to wait for all the features mentioned earlier to be added as the metamorphosis evolves.


Just wanted to echo Conmore’s post. It’s clear Xinja’s staff are working hard and it doesn’t take a genius to piece together there’s a degree of struggle with a lack of resources that can be put toward feature development. I do also agree with OP though…

I don’t think every business needs to work miracles to be successful and keep their customers happy, but in this market and with the high expectations Australians have for their bank, Xinja needs to become one of those businesses now in order to keep relevant. Almost three quarters have passed and, as a customer, the only front-end changes I have are Stash and Round-ups. That’s quite frustrating and disappointing. There’s nothing I want more than for Xinja to take off, to the point where I feel guilt toward my own frustration!

I think Xinja are now in a situation where some miracles (that customers can see and experience) have to happen so that people remain interested and satisfied and so that Xinja remains attractive to prospective customers and shareholders.


Hi Ka_Coffiney,
I know that you posted this a few days back.

I purchased my allotment back in April 2018.
I just used my Xinja card, and as I was using it, I was wondering what has evolved in the 12 months. And I am struggling to see innovation in the answer. To see the biggest inflows/interest in the public for a neo-bank relating to having a bank account with a high interest rate amazes me that all the pizazz and fan fair and high cost to acquiring a client comes down to Xinja starting/offering a bank account with a high interest rate, so it makes me think, either Eric pivoted in vision or that Xinja were struggling in their value prop and what problem are they solving to attract new customers. Investing in Smarter Money (different cash options) and yielding 3plus percentage points or more depending on when you started, does not require them to be a neo bank or do anything fancy. I am happy to be corrected on my post with Xinja staff or Eric correcting me. My question is why would someone open up a Xinja account today. What value does it give the customer to be better off and make their life better?


Hi there and thanks to @Ka_Coffiney for kicking off this discussion, welcome to @nicky and @Allan and thank you to all of you for the comments that have followed. It’s taken me a while to respond because - as you can imagine - I was considering what to say. My initial reaction was to say ‘yes, sorry, you’re right, the features are very late and we’ll work harder to catch up - we understand how limited the bank account is’. Incidentally, we won’t be launching a marketing campaign promoting the bank account until more of the key features are there. But that’s not really the whole story. And doesn’t really answer the question ‘what’s the point of Xinja, and why bother continuing with a bank account that doesn’t have NPP/Bpay etc. yet?’.

From the launch of the bank account, we certainly started out with the intention to deliver the list of features we’d identified according to the timeframe on the roadmap. However we found that in order to fundraise, we were under pressure to deliver products that generated revenue. Not only that, but one of these products we realised could actually deliver far more value to our customers - in terms of helping them make more out of their money - than additional bank account features. With interest rates falling, and even generous interest rates on savings barely keeping pace with inflation, we had to make a call; do we carry on with the current list OR focus efforts on the new product that will be potentially of greater value to customers and would help us raise the funds we need to to keep developing Xinja?

We were still juggling when COVID hit and what this has done is delay the investment we had coming in. This has meant we couldn’t hire more developers - so in other words we couldn’t do both. So which to choose? Yes, the expectations of customers included the ‘basics’ like NPP and so we knew we’d be judged harshly or abandoned by some in the short term. However, it was about ensuring our survival AND delivering something innovative for a bank that would actually be more helpful to customers. Now, not all customers will want it, so it is a trade off, but it’s typical of the kinds of decision you have to make as a start up.

It was similar to making the decision over Stash. Do we drop the interest rate or stop opening accounts, and keep the rate as long as we can for existing customers? We decided on the latter. It was very ‘controversial’ and irritated everyone who wanted to open an account. However, we thought it was the right thing to do.

We have built a bank from scratch. For there to be new banks in Australia to bring in much needed competition, this is what has to happen. So that means getting a licence (which is - as it should be - a huge and also expensive task), building a core banking system (according to SAP doing this in 11 weeks is a world record), and a whole payments infrastructure (technology to send payment files between banks and partnerships that entails, a platform to connect a card scheme to enable payments - when the domestic scheme eftpos tried to do this most recently it took 22 months - we did it in 6) fraud monitoring, the pays (again, Mastercard said 12 weeks for this was a record) and of course the platform and the app.

So are we asking for more time on the ‘basic’ features? Yes we are. In a market where more and more people are having more than one bank account, do they all have to have the same set of features? Or can we introduce new products or options (like the no strings savings account or the product I mentioned above to be released in July) in a different order? In a post COVID world, businesses that deliver revenue and get to profitability sooner are those that will a) raise funds and b) survive. Those that want to make a difference to an industry - disrupt it and make it better and fairer for customers - need to do both.


Totally agree you were dismissed

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Thanks for your gracious response as always! Has the new product to be released in July been hinted at here or elsewhere? My curiosity is piqued. :sweat_smile:

Edit: Is it the same as Secret Squirrel! Oh my!!


Yes it is :_ninja_emojis_lilac_01:

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Totally lots of people giving there views , but not much from Xinja themselves in relation to what you’ve raised.

Thanks for the reply.
Lets see what Xinja brings to the innovation world of banking and how its going to disrupt banking in the 21st Century.

AGREED!!! Worst bank i have ever used! I cannot see how Xinja can survive more than the next 12 months! I regret ever opening an account with Xinja! Had my account blocked for no reason without warning, leaving me without access to ANY of my money! It has been 3 days now that I’ve been without any money thanks to Xinja! Having to ask my neighbour if i can borrow $50 just to get petrol to get to work and some money for lunch is definitely a downgrading feeling!