Ride-sharing, takeout, your accommodation, jobs around the house – everything is going digital. How we spend and save money is changing rapidly, and the digital revolution is slowly turning the ancient pillars of traditional banks to modern bank apps. From neobanks to the rise of online lenders, the fintech world is digitalising with the consumer at the centre.
So, this summer let’s look at how you can bank differently to manage your money with you at the centre.
Below are some of the hottest bank mobile apps to try this summer:
Before we take a look at these online banking apps, let’s define what neobank actually means.
A neobank is direct banking that is 100% digital and is accessible to customers via mobile apps and personal computer platforms. Unlike traditional methods of banking, neobanks do not operate physical branches.
Neobanks operate like traditional banks; however, they leverage the latest technology to digitise every aspect of your banking experience. This digitisation is set to unlock new spending and saving insights for consumers. Neobanks apps provide users with seamless experience without having to rely on the technology and infrastructure of traditional banks. Neobank apps come with a high level of functionality that manages spending habits, saving goals and money transfers between friends.
Alongside advanced technology, the introduction of open banking has also paved for the way for the neobanking revolution. These new regulations command big banks to grant people and smaller banks greater access to their customer data, helping Aussies make a bank change with ease. Again, the consumer sits at the heart of open banking unlocking market potential to improve financial services from budgeting, and bank savings account comparison to investment savings. The industry is set to boom – it’s safe to say the big four are not the only kids on the block anymore.
The digital revolution has already hit Australian shores, and there are a few top contenders with boxing gloves at the ready to go toe-to-toe with the big banks.
Since its launch in October 2018, Up Bank has made its mark as the first neobank to hit the Australian market. Coupled with its peachy branding and intuitive design, Up has quickly risen to the top of Australia’s digital banking landscape. Up Bank is backed and owned by Bendigo and Adelaide Bank, so the risk of insolvency or worries about security are not as prevalent compared to other neobanks.
The Up bank app offers a bank account, savings account and tons of innovative saving and budgeting features that help the consumer stay on top of their money.
A Sydney-based neobank, 86 400 operates under its own full Authorised Deposit-Taking Institution licence, and it’s owned by payments provider Cuscal. A new kid to hit the block, 86 400 launched in September 2019 as a savings and smart money transfer app coupled with a plan to provide home loans in the future.
Volt Bank was the first Australian neobank to receive it’s own full Authorised Deposit-Taking Institution licence in early 2019. They are currently testing their app for a full launch planned later this year.
Independently run, Xinja Bank is planning to make it’s debut later this year. Currently, the neobank operates as a travel money oz app and offers a travel-friendly prepaid card, and a transactions account for early customers.
Targeting small and medium businesses, Judo Bank is challenging the business banking world with digital innovation. Set to launch shortly, they are planning to provide their customers with business loans, home loans and term deposits. Judo Bank is the money transfer app for business.
With summer looming, spend your money right and try one of these new ways to bank! The digital revolution hasn’t just hit banking, but also the way we save and how we borrow money, so let’s look at top money-saving apps and how borrowing has changed.
Who doesn’t love to save money? Whether you’re a small business owner or a consumer, saving cash is always a plus. The tricky thing is figuring out the best money saving tips. Jacaranda suggests checking out these handy money tracking apps to help you track your spending and savings.
Pocketbook is an Australian grown app that syncs directly with your chosen financial accounts including bank accounts, credit cards and loans. The app allows you to track precisely where your cash is going and automatically organises your money into categories like clothes, groceries, fuel and other expenses.
Pocketbook makes it easy to see where your money is being spent and allows you to set up budgets for each category so you can see your balance and view your transaction history. You can use the app to set notifications that will help you to stay on track.
Raiz, formally known as Acorns Australia, encourages Aussies to redirect their loose change from everyday transactions into an investment portfolio, making it one of the money making apps to watch. Raiz invests your spare change into exchange-traded funds (ETF’s) giving you a leg up if your keen to start navigating the complex waters of investing. Raiz boasts features like:
MoneyBrilliant is revolutionising the way Aussies manage their money. The app empowers you to make better money decisions. You’re the boss, but MoneyBrilliant has your back. The MoneyBrilliant app also allows you to connect your accounts to get a complete view of spending and saving. You can connect bank accounts, credit cards, loans, mortgages and superannuation. The app gives you unbiased recommendations that are designed to help you save on fees and charges, making it easier to spot spending patterns.
Splitwise is the app that allows you to split money the easy way. Gone are the days of stressful split bills around the dinner table. Splitwise is making it easier than ever to keep track of your shared expenses with housemates, trips, groups, friends and family.
Splitwise will organise the household spending and income to work out who has spent what and who owes what. Each user can log in and see what their current balance is making it easier than ever to keep track of those IOU’s and avoiding those awkward conversations.
Frollo is quite similar to PocketBook and Moneybrilliant; however, it’s newer. The app offers a free and secure way to synchronise your bank accounts, credit cards, loans and superannuation. Its aesthetically-pleasing interface allows you to see exactly where you are spending your hard-earned money. Frollo also encourages you to take daily, weekly and monthly spending challenges to save your money. Frollo has just recently introduced a feature called ‘Frollo Score’ that gives users a score from 1 to 1,000 and tells them how they’re performing financially based on their spending habits.
The world of finance is changing. The way we manage our money is moving towards full automation to create a seamless experience for the consumer. That’s precisely what Fintech is – leveraging new technology to empower financial services and build them FOR consumers. That’s why we have worked hard to created our 100% online application process.
Jacaranda Finance is committed to revolutionising the way Aussies borrow personal loans. We are making it as simple as possible to get the cash you need when you need it. You can apply for a personal loan in minutes and could receive an outcome on your application in only 60 minutes**. Gone are the days of waiting weeks for an outcome on a personal loan. Jacaranda is committed to giving all Aussies the fair go they deserve.
Regardless of whether you’ve got bad credit or you’re receiving Centrelink, our team encourages all Aussies looking for a reliable online lender to submit an application. We keep our application criteria pretty simple, here’s what you’ll need to meet:
Meet these requirements? Awesome! You could scroll up and get started with an application now.
Applying for a personal loan with Jacaranda couldn’t be simpler. Simply follow these three steps:
Scroll up and use our personal loan calculator to select your desired loan amount and the repayment period. The ‘apply now’ button will direct you to Jacaranda’s 100% online application form. This could only take you a few minutes to complete. We’ll just need a few essential details from you to assess your application correctly.
Our team will assess your application to determine whether or not a personal loan is right for your financial circumstances. You can sit back and relax – let us do the hard work.
If we’ve been able to match you with a personal loan the Jacaranda team will send over an agreement for you to review and sign. Read your contract carefully to make sure you are aware of the terms and conditions associated with your loan.
Once our team receives your signed contract, we’ll transfer the cash straight to your account. Instant banking means your money could be in your account and ready to use in 60 seconds*.
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*most approved applicants have their money in their bank account and ready to use within 60 seconds once they have accepted their digital contract.
**depending on when you submit your application
Young entrepreneur Daniel Wessels is the CEO and Founder of Jacaranda Finance. Although only in his early thirties, Wessels’ determination and adaptability has led him to successfully pioneer a range of other enterprises both here and abroad.Read More
Jacaranda is 100% online. So, we do not accept applications over-the-phone. However, our friendly team is more than happy to answer any questions you may have.