Xinja promises on website

I’m Intersted in promises made on the Xinja website and how others feel Xinja have delivered against these.

  1. Spend Less - how does Xinja help people spend less ?

  2. Save More - how does Xinja help people save more ( high interest rate maybe for those who have a stash) ?

  3. Ringfence - with Stash closed and only one stash account for the lucky not sure you can ringfence much ?

  4. Track your spend - without any budgeting tools not sure this is better than any other bank. Pending/Settled is confusing

  5. Know where you are at - see above comment

  6. Don’t miss a bill - no idea how Xinja helps with this ?

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All accurate.

Those that join Xinja based on features the website is spruiking have a right to be dissatisfied and feeling misled.

The website should probably be updated as it’s unethical to market things that don’t actually exist.

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It’s pretty obvious to all and sundry that things have not really gone schedule.

That’s not been so good, but I am curious as to what you are hoping to achieve by asking for further responses on your line of statements. I can’t imagine anyone would have anything else to add apart from further dissatisfaction.

Also, it’s a bit of a stretch to say something is a promise, (and I have not read the exact thing you talk about) when it’s far more likely to be some broad generic overview of their intended services.

Having said all that, if something needs to be done to update the phrasing on the website, then that should certainly be looked at. We know the roadmap is due an update very soon.

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Hi @NeoNerd . Yes, the website is overdue an update; we have a new version in the wings which we will launch with Dabble. These items have been there for 3 years since before we had anything live and were our intention at the time, but we will update in the next few weeks. The product pages themselves show specifics for each product.

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And @NeoNerd in the spirit of openness, is this your first profile on the forum or did you have one previously?

New here and in the various FB forums for other Neo’s but have followed the story and commentary for a while.

Hi NeoNerd
As an investor and a customer I am starting to cool myself on the Xinja idea. It is disheartening and disappointing that nothing has been done for nearly 3-6 months apart from one announcement about dabble which is constantly delayed like most Xinja products. It would be ideal if a weekly update on products and the roadmap be released starting immediately and the reasons if a delay be made public.

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Hi @dannylee3276 and welcome to the forum. If you’re an investor, by coincidence we have just sent out an investor update from Eric which should be in your inbox. We’ve also sent a newsletter to all customers. In answer to your statement that nothing has been done in the last 6 months, we have built out two new entire businesses and accompanying infrastructure - lending and Dabble. Dabble has been technically ready for about 10 weeks but we are putting it through some stress testing, as Eric said a couple of days ago, so it can withstand extreme scenarios, or as he put it “….once in several generations type circumstances” - this has meant we’re still making final modifications to the design. This is the reason for the delay on Dabble. We’ve just posted on this forum (and you’ll also find a link to it in your email) a blog I’ve written about the fact that we’re closing the roadmap (I’m sure this will not go down well at all on this forum) and why. This does also explain that the big delay on receiving the investment we negotiated in March (which we’ve been open about) because of COVID meant we didn’t have resource to build Dabble, Lending and new bank account features as we couldn’t increase resource. I invite you to have a read of that as well as your investor update from Eric. https://community.xinja.com.au/t/a-fork-in-the-xinja-roadmap/

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Looking back through the threads the reason for the two month delay in Dabble has been given many times as APRA/regulatory ? You are now saying it is stress testing and Eric separately saying it is product changes. I’m really confused.

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All true. We were waiting for regulatory feedback and approval. Allowing for extreme scenarios was part of that conversation. We therefore had to make technical product changes to cater for these scenarios.

I am so looking forward to the AGM in late November.

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Eric’s getting a bigger grilling than a Daniel Andrews press conference!

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@brett - Here’s an interesting piece of news. It looks like Xinja’s most “organisationally similar direct competitor” (you can probably work out who this is), is taking a rather large pivot from being a direct customer facing service to a mostly white-labelling banking service for other companies. I guess they take some fees and a cut of activity.

That’s a pretty substantial change of direction for that company.

This idea seems in it’s very infancy, though there a few new groups offering “neobank accounts” which sit on top of established banks. A couple have had equity crowdfunds, one just had a reverse takeover to list on the ASX and there’s surely a few others and more to come.

Previously everyone had a store based credit card. Soon, everyone will have a store based bank account. How long before Coles and Woolworths offer banking services??? This could all get very busy and messy in the times ahead.

Will be very interesting to see how this plays out over time.

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@yogi Yep, I saw that news from Volt a couple of weeks ago. Interestingly though the white label business will be in addition to developing their own bank.

Seems like a good proposition and very smart move. I can definitely see Qantas offering bank accounts to go with their ‘Qantas Money’ credit cards. I used to bank with Qantas Credit Union so safe to say I’d be interested in that! Big fan of Qantas.

I think Volt need to get something to market themselves though before trying to sell the platform. It’s a bit like Xinja offering ‘consulting’ services. Not sure who would be interested in taking neobank advice from an organisation who has go so much wrong themselves :joy:

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@brett - You should be the first person in Australia to have a bank account with every organisation that offers one. Then you can blog about it.

everybankaccountinaustralia.com (not a real website)

I just saw this and thought it was really amusing.

It reminds us that when you are trying something kinda new, it can take a couple of attempts to get the landing right.

Xinja is a little bit the SpaceX of banking and I say that in the most loving, respectful way possible. Not so much burning and exploding really - just some public facing delays. You get the analogy.

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@yogi The only difference is that in your analogy there would be other companies that already landed rocket boosters on Mars.

That’s the reality of Xinja. They are floundering while their competitors are flourishing (in terms of features released in any case).

I’m a passionate Xinja fan and I hope my investment comes to something, but I’m also not blind and can see what’s happening before my eyes. I give Xinja another 6 months tops.

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@brett - I don’t think they are many other companies who have landed rocket boosters on Mars or anywhere and it doesn’t even matter. My point is the landing and that there’s a bunch of troubles before you hit it.

You and I see the identical same public facing stuff. As shareholders, we also get to see a little of the insight with the updates. I think the perception that is they are floundering is not the whole picture - the reality is that the vast majority of what is happening is behind the scenes, foundation building stuff. This was always the plan.

In retrospect, I’m sure a bunch of stuff would have been promoted in a different way.

Does the Xinja bank account as many features as most other accounts on the market right now? No. Will it over time? Almost certainly. Yes, there have clearly been delays, but they seem to keep bringing in money and it’s in reasonably large amounts, so people far smarter than us are doing some sort of due diligence. There’s gotta be something more going on.

I guess we will both see what happens in 6 months. There’s very likely to be a bunch of projects out by then - as shareholders, we want Dabble and personal loans and consulting and the other stuff coming. My feeling is you don’t start a bank to just let it go under within a couple of years when things get tough.

@yogi - where does the comment “they seem to keep bringing in money” come from? Is this from publicly available banking statistics, or from investor materials?

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Yes, this is in the investor materials but also in a few of the more recent news articles.

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