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Aussies Give Thumbs-Up To New Range of ‘Digital Banks’

Australians are increasingly looking to move their financial affairs from the big four traditional banks to the new class of smaller “digital banks”, according to a new Nielsen survey.

Among the 2.1 million Australians aged 18-plus who are looking to change their main financial institution, 67pc are big-four customers –  with 16 percent looking to change to digital banks such as ING, ME Bank or UBank.

“This represents a five percentage point increase from June 2017 to June 2018,” Nielsen says.

It says neobanks have no bricks-and-mortar branches, no service centres,  and sometimes not even a desktop banking option – making them purely mobile

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