Of course, reducing fees is at the heart of the neobank ethos. As neobanks are 100% digital, physical overhead costs are dramatically lower, meaning these up-and-coming app-based banks can afford to not charge customers certain fees.
As Wilson put it, “We’re committed to the long game of staying lean and reducing costs and overheads to do the best by our customers.”
What’s next for Xinja?
Xinja hopes to launch personal loans and home loans next, but has taken quite a strong position against credit cards, with Wilson adding, “Because the only way to make money off credit cards is when your customers stuff up.”
“We can do better than that by our customers. We will deliver new, and better banking products.”
And if you’re one of those customers that Xinja wants to do better by and you have a lot of strong opinions to air, you might be interested to hear that you can actually give Xinja feedback via the Xinja Community Forum page.
Curious to find out more about the ever-emerging world of fintech? Why not head to our dedicated fintech hub to read more on new apps or check out our neobanks page for a list of neobanks available in Australia. We’re updating it all the time, so be sure to keep coming back!
*Xinja Stash has the highest ongoing, no-strings-attached savings rate in the Mozo database, as of 23rd January 2020.