Powered by MOMENTUM MEDIA
Monday 23 May 2022
  • Contact
  • Subscribe
  • About
  • Advertise
  • Events
 Fintech logo
  • Wealth
  • Payments
  • Currency
  • Data
  • Industry
  • Video
  • Lending
Monday 23 May 2022
 Fintech logo
  • Wealth
  • Payments
  • Currency
  • Data
  • Industry
  • Video
  • Lending
  • Contact
  • Subscribe
  • About
  • Advertise
  • Events

Powered by MOMENTUMMEDIA

Website Notifications

admin panel image

Get notifications in real-time for staying up to date with content that matters to you.


Home/
Wealth/
Banks moving to mimic neobanks with wellness tools

Latest News:

  • Westpac inks deal to build ‘market-leading’ digital experience
  • ‘Greatest challenge’ for wealth service providers engaging with young investors revealed
  • After the recent stablecoin crash, could we see a ‘cryptogeddon’?
  • Advice industry ‘going to need to work’ with regulators on rise of crypto
  • Businesses forced to tackle a complex tangle of third-party relationships
  • Firms must manage third-party risks to fully engage with open banking technology
  • Bitcoin principal protected note launched by Zerocap
  • Hume declares 'the worst is over' for advisers, backs finfluencers
  • ASIC responds to landmark RI Advice court ruling: ‘We expect active management of cyber risks’
  • Major crypto gift to fund pandemic detection tool

Banks moving to mimic neobanks with wellness tools

After being caught off guard by BNPL, banks are thinking more seriously about financial wellness.

0 comments
Wealth | 06 September 2021 | Fergus Halliday <
Wealth
|
06 September 2021
By: Fergus Halliday — 2 minute read

— 2 minute read

Australia’s big banks are increasingly moving to mimic the emphasis that neobanks have brought to the financial wellness niche. 

A new report by Backbase has said that many of the financial wellness tools used by smaller neobanks are now being adopted by mainstream financial institutions.

Ninety-two per cent of ANZ-based financial institutions included in the survey said that they were either actively expanding or planning to expand their financial wellness capabilities, with 60 per cent calling it a critical priority.

As per the report, “traditional banking is falling short because it is not helping consumers to manage their finances – notably rising debt and the need to meet savings goals and plan for a secure retirement.”

Backbase said that COVID-19 has only highlighted the needs of consumers for new and more sophisticated digital banking services. 

Just 51 per cent of retail banking customers surveyed said that they were satisfied with their access to financial management tools, while 33 per cent said that they weren’t satisfied with the level of personalised recommendations made by their current bank. 

Commenting on the report, regional vice-president for Backbase Asia Pacific Iman Ghodosi said “digital money management and financial wellness is no longer a gimmick and we’re not far from this being the primary interface between banks and their customers across the sector.”

In fact, 74 per cent of retail banking businesses consulted in the report said that they are already using financial wellness tools to encourage customers to build better financial habits.

Mr Ghodosi pointed to the rise of buy now, pay later operators like Afterpay and Zip as a key driver for this, saying that they caught traditional banks by surprise. 

“It looks like they don’t want to repeat that mistake with neobanks and their mobile-first personal financial management tools that are already adding value to the lives of many Australians,” he said. 

Describing this shift in focus as the start of the “Engagement Banking Era”, Mr Ghodosi said that traditional banks are now looking to re-architect the customer experience from the ground up rather than make siloed tech investments. 

“In the platform era of Netflix and Spotify, people want the same high level of customer focus and flexibility for financial services they subscribe to,” Mr Ghodisi said.

He said that legacy institutions are now looking to offer more than just online and app-based banking, incorporating new tools and services around spending analysis, budgeting, savings management, credit score improvement.

“[Consumers] want access to their personal finances, anytime, anywhere, through any channel, and tools on how to manage it; traditional banks are getting left behind and they know it,” he said.

Neil Griffiths

Neil Griffiths

Neil is the Deputy Editor of the wealth titles, including ifa and InvestorDaily.

Neil is also the host of the ifa show podcast.

SHARE THIS STORY
0
SHARES
join the discussion
Institutional investors could add $500,000 to bitcoin overnight
Iress rejects takeover bid, gears up for growth
bank-art.jpg
Written by Fergus Halliday
Last Updated: 06 September 2021
Published: 06 September 2021

Latest Posts

Fintech Intro Image

Businesses forced to tackle a complex tangle of third-party relationships

Michel Feijen

Businesses forced to tackle a complex tangle of third-party relationships

Michel_Feijen_fintech.jpg
Written by Michel Feijen
Last Updated: 13 May 2022
Published: 16 May 2022
Fintech Intro Image

Payments at a tipping point: the real time is now

Simone Joyce

Payments at a tipping point: the real time is now

Simone_Joyce_fintech.jpg
Written by Simone Joyce
Last Updated: 16 May 2022
Published: 09 May 2022
Fintech Intro Image

Australia’s next payments revolution can’t be quiet

Sanjeev Kumar

Australia’s next payments revolution can’t be quiet

Sanjeev-Kumar-fintech.jpg
Written by Sanjeev Kumar
Last Updated: 02 May 2022
Published: 02 May 2022
View all Blogs

Most Shared

Most shared image

Aussie fintech hub flooded with applicants

255   SHARES

Aussie fintech hub flooded with applicants

stone-and-chalk.jpg
Written by Tim Stewart
Last Updated: 25 May 2015
Published: 15 May 2015
Most shared image

Turnbull pledges to support start-ups

185   SHARES

Turnbull pledges to support start-ups

parliament.jpg
Written by Tim Stewart
Last Updated: 21 September 2015
Published: 21 September 2015
Most shared image

The rise of the robo-advisers

161   SHARES

The rise of the robo-advisers

Giovanni-Ravone.jpg
Written by Giovanni Ravone
Last Updated: 17 June 2020
Published: 10 June 2015

Subscribe to Fintech Business

 
  • Lending
  • Wealth
  • Payments
  • Currency
  • Data
  • Events

OUR PLATFORMS AND BRANDS

  • Accountants Daily
  • Adviser Innovation
  • Australian Aviation
  • Cyber Security Connect
  • Defence Connect
  • Fintech Business
  • Independent Financial Adviser
  • Investor Daily
  • Lawyers Weekly
  • Mortgage Business
  • Nestegg
  • Real Estate Business
  • Smart Property Investment
  • SMSF Adviser
  • Space Connect
  • The Adviser
  • Wellness Daily
  • Which Investment Property
  • World of Aviation

EVENTS AND STREAMING

  • Accountants Daily 30 Under 30 Awards
  • Accountants Daily Strategy Week
  • Adviser Innovation Summit
  • Australian Accounting Awards
  • Australian Broking Awards
  • Australian Defence Industry Awards
  • Australian Law Awards
  • Australian Space Awards
  • Better Business Awards
  • Better Business Summit
  • Boutique Law Summit
  • Business Accelerator Program
  • Corporate Counsel Awards
  • Corporate Counsel Summit
  • Defence Connect Budget Lunch
  • ifa Business Strategy Day
  • ifa Client Experience Workshop
  • ifa Excellence Awards
  • Lawyers Weekly 30 Under 30 Awards
  • Lawyers Weekly Masterclass Series
  • New Broker Academy
  • Partner of the Year Awards
  • REB Awards
  • SME Broker Bootcamp
  • SMSF Adviser Technical Masterclass
  • The Adviser Study Tour
  • Women in Finance Awards
  • Women in Law Awards
  • Women in Real Estate Awards
  • Wraps, Platforms and Masterfunds

    KNOWLEDGE CENTRES

  • AccountantsDaily Knowledge Centre
  • ifa Knowledge Centre
  • Lawyers Weekly Knowledge Centre
  • Mortgage Business Premium
  • The Adviser Knowledge Centre

STAY CONNECTED

Get breaking news

LINKS

  • About us
  • Advertise
  • Contact
Copyright © 2022 MOMENTUMMEDIA
Copyright and Disclaimers ● Privacy Policy ● Terms and Conditions
FinTechBusiness

OUR PLATFORMS AND BRANDS

  • Accountants Daily
  • Adviser Innovation
  • Australian Aviation
  • Cyber Security Connect
  • Defence Connect
  • Fintech Business
  • Independent Financial Adviser
  • Investor Daily
  • Lawyers Weekly
  • Mortgage Business
  • Nestegg
  • Real Estate Business
  • Smart Property Investment
  • SMSF Adviser
  • Space Connect
  • The Adviser
  • Wellness Daily
  • Which Investment Property
  • World of Aviation

EVENTS AND SUMMITS

  • Accountants Daily 30 Under 30 Awards
  • Accountants Daily Strategy Week
  • Adviser Innovation Summit
  • Australian Aviation
  • Cyber Security Connect
  • Australian Accounting Awards
  • Australian Broking Awards
  • Australian Defence Industry Awards
  • Australian Law Awards
  • Australian Space Awards
  • Better Business Awards
  • Better Business Summit
  • Boutique Law Summit
  • Business Accelerator Program
  • Corporate Counsel Awards
  • Corporate Counsel Summit
  • Defence Connect Budget Lunch
  • ifa Business Strategy Day
  • ifa Client Experience Workshop
  • ifa Excellence Awards
  • Lawyers Weekly 30 Under 30 Awards
  • Lawyers Weekly Masterclass Series
  • New Broker Academy
  • Partner of the Year Awards
  • REB Awards
  • SME Broker Bootcamp
  • SMSF Adviser Technical Masterclass
  • The Adviser Study Tour
  • Women in Finance Awards
  • Women in Law Awards
  • Women in Real Estate Awards
  • Wraps, Platforms and Masterfunds

links

  • About us
  • Advertise
  • Contact
  • Copyright & Disclaimers
  • Privacy Policy
  • Sitemap

CATEGORIES

  • Lending
  • Wealth
  • Payments
  • Currency
  • Events

STAY CONNECTED

Copyright © 2022 MOMENTUMMEDIA