The next big consumer bank will be more Google, less Westpac…

hollerlab —  January 30, 2013 — Leave a comment

Go Bank is a new consumer banking service out of the US. It is following a trend and model of banking that is quickly gaining traction in the region. Using software, user experience and online utilities as it’s draw card to younger and more digitally savvy consumers. Not relying on ATM networks or number of branches to create points of difference and by doing so being more cost effective and cheaper. We love the fact that these stripped bank, lean startups are emerging, giving consumers better designed and more useful banking and financial service at a lower cost. Allowing people to better control, distribute and manage their funds.

Simple was one of the first business to pursue this route of financial service: https://simple.com/

And here is a personal story from a writer at Business Insider about their experience with these pealed bank financial service offerings: http://www.businessinsider.com/why-i-closed-my-chase-bank-account-2012-12

Go Bank also offers a handy service to people that you connect with that are not as digital savvy. It is a handy send a cheque feature. Where you can create cheques digitally and they are sent in the post via the bank to a recipient.

Wil this be the future of consumer banking? If so, Australian Banks have some serious catch up to do.

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