Yet another neobank is set to launch in Australia in 2020 and this one promises to shake things up with alternative product offerings for future customers.
Although there have been a string of neobanks launched in Sydney and Melbourne over the past 2 years, including Up, Xinja and 86 400, DayTek Capital’s ‘Infinity’ will be the first of its kind to be based in the Sunshine State.
And location isn’t the only thing different about this new neobank, as CEO Will Banks said, “As a low-cost bank, our mission is to disrupt incumbent banks, including other new neobanks, by offering unique and alternative banking products that are tailored to our customers’ financial situations and interests.”
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How is Infinity going to be different to other neobanks in Australia?
DayTek Capital is yet to specify exactly what Infinity will be offering to Australians in 2020, but it does promise to have unique products and services available to retail and SME businesses.
On top of these proposed revolutionary banking products, Infinity also intends to allow customers to have more choice when it comes to how their data is handled. So if you want to sign up to Infinity next year, the new neobank is keen to help you use your data to better manage your personal finances.
How does Infinity’s technology stack up?
Bar a glimpse of the transaction page, Infinity are yet to release detailed information about what features the neobank’s app will have and how it will work. So whether it will truly put the tech in fintech remains to be seen.
That said, DayTek Capital have said that the app will use biometric security and augmented identification, to provide customers with high-tech security for all their banking needs in these digital times.
When can I sign up to Infinity?
With the intention to launch in 2020, Infinity has already taken steps towards achieving a Restricted Authorised Deposit-Taking Institution Licence and aims to apply for a full Authorised Deposit-Taking Institution Licence next year.
So if you’re thinking about embracing the world of neobanks and digital banking in 2020, chances are you’ll be able to sign up to this Queensland-based startup before the end of next year.
Interested to learn more about neobanks? Why not head over to our dedicated neobanks section to read more about what other digital banks are now operating in Australia.