Hiver, backed by Teachers Mutual Bank Limited, offers “new and innovative” savings products including offering a 1 per cent cashback on essential purchases for a limited time and the ability to set up direct debits or make BPAY payments without the need to transfer to a transacting account.
“The introduction of Hiver to the banking landscape represents an exciting development in customer-focused service delivery,” Teachers Mutual Bank Limited chief executive, Steve James, said.
“As the first digital mutual bank to hit the market, we are combining the best of new banking technology with the financial security of a $9 billion balance sheet and a proven, ethical business model.
“We are proud to be offering this unique service to some of our most valued community members, essential and frontline workers, backing their savings with our strong capital and liquidity.”
The launch news has also coincided with the appointment of Carolyn Murphy as Hiver’s chief digital bank officer.
“The pandemic has shown us how important high-quality digital services are for people working in essential services across the country, in cities and regional areas, day and night. Hiver consolidates our bank-wide push to a digital-first approach with our high quality, member-led banking services because we know it’s what customers are looking for,” Ms Murphy said.
“Essential workers’ confidence in our ethical and efficient approach to banking could not be more important.”
The Hiver digital bank app is expected to be launched soon.