Blog
Blog
Blog
Blog
22 Feb, 2021 Author Ranina Sanglap
Australia s neobanks need to find new profitable products and steady revenue streams to be able to make a dent in a market dominated by existing lenders, experts said after the abrupt exit of one player and the acquisition of another within weeks of each other rattled the fledgling industry.
Xinja returned its banking license in December 2020, while 86 400 was acquired by National Australia Bank Ltd. in January. Analysts said the remaining neobanks and any potential new entrants will need to be more innovative and generate enough revenue to survive. Xinja s focus shift isn t a signal of an end to neobanks. There have been and will be new entrants and exits still to come. But it does underscore how any company will need a comprehensive business model that can compete and be sustainable through stressful market conditions, said Jason Malo, research director at global technolog