Australia is beginning to feel the digital banking waves as challengers Volt and Judo begin to make inroads into a banking market long dominated by the big 4: National Australia Bank, Commonwealth Bank, Australia and New Zealand Banking Group and Westpac; Volt has already acquired a banking license, while Judo is in the process of making that acquisition; these digital banks can take a number of lessons from their UK based counterparts to help them build a more refined version for their core customer; the task won’t come easy, though Judo has shown there is appetite for this offering by raising $71mn from international investors and further plans to raise $177mn more interesting he near future. Source.
