Anson Parker
speaker
202 appearances
1 recordings
1 series
first heard Oct 2020
last heard Oct 2020
Anson Parker’s voice in public audio — every appearance, attributed to the second.
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Appearances
So actually the sort of company behind up is a company called Ferocia.
And we started out probably, you know, eight years ago, really as a services company, building apps and websites for companies.
And we kind of, that's how we found our way into the financial and banking space.
And we build, continue to build actually Bendigo's like own customer banking experience.
And I guess through the process of doing that, we realized kind of the potential, the untapped potential to build awesome experiences.
So we could, yeah, we learned a lot doing that about how payments work and everything you need to know, I guess, to kind of build a bank.
We sort of learned on the job and then we're able to kind of pivot into that more product space and actually launch our own product.
Well, it's kind of a little bit easier to get started now.
There were some changes that came in, it must be a couple of years ago now, that introduced this concept called a restricted ADI or R-ADI.
And that sort of lowered the barrier for entry so that you could, you know, without needing to first go and find tens or even hundreds of millions of dollars, you could actually make a start with sort of some constraints on your business.
But having said that, to really get live access
You still need to become an ADI and that's a really tough thing to do.
You know, it takes a lot of money and requires a huge staff to really cover all your bases and, you know, build the sort of organisation with the controls and protections that the regulators want to see when you are, you know, the custodian of hundreds and millions and billions of people's dollars.
So, you know, it's a really tough industry to crack into.
It's kind of like, you know,
if you wanted to start a car company, you might have a really great design for a car, but to actually bring that to market is incredibly tough.
And so that's probably one of the things that has helped Up get to market so quickly is that we actually saw a slightly different path to getting our own ADI, if you like.
And so we didn't need to have 80 bankers on staff and $120 million kind of stuff to get going.
We were just able to really
You know, I think that our starting point was, I guess, just that software mindset, you know, not probably having much sympathy for, you know, the legacy problems of banking and all of the, I guess, the good reasons why things move slowly in some ways.
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