A neobank has appointed a chief technology officer (CTO) to help deliver “hyper-personalised services” to its customers, meeting the further consumer need revealed through the royal commission.
Xinja Bank welcomed John Pountain to the team from his previous position at New York-based neobank, Moven. Previously, he spent time at BT Financial and Macquarie Group.
According to the new CTO, “Our technology will allow us to…[build] out our data and AI capabilities to deliver hyper-personalised services for customers. It’s time customers’ data was used to benefit them rather than the institutions they bank with; we are very excited about the CDR and open banking and what it can deliver for people.”
The team at Xinja believes that investing in technology is crucial to providing an alternative for customers who would otherwise be left to deal with the “unethical behaviour” found across Australian banks, as revealed by the royal commission.
“Banking is a very profitable industry with very low levels of consumer satisfaction. Technology, data and the right framework, including ethical behaviour, offer an alternative,” said Pountain.
“There is a better way to bank: it won’t come from existing banks with high cost bricks and mortar branches, old IT, and a mindset not focused on the customer.”
Xinja Bank currently holds a restricted banking licence and is working towards securing a full licence.
“We are very ambitious about changing the banking landscape, not just carrying on hundreds of years of banking tradition that makes bankers a lot of money but often fails to serve the best interests of customers,” said Xinja CEO and founder Eric Wilson.
“We’re not encumbered by legacy systems, which means we are much nimbler than traditional banks, and can use the best technology has to offer for our customers at much lower costs.”
“Our customers have told us that, as millennials, they do everything differently to their parents, except banking. Our technology – and more importantly our overall customer experience - is changing that,” he said.