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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Australian Finance Podcast · Up bank: The Rise of Neobanks in Australia · 19 Oct 2020 podcast

Yeah, absolutely.

I mean, so...

You know, one of our founders, Dom, he loves to say that banks make money in two ways, right?

Margin or fees.

So a lot of banks charge like a monthly account fee, for example, which we don't charge.

Or you make margin from deposits.

And usually that's through lending out money, right?

And then it's kind of the difference between, say, the interest you pay on a deposit and the interest you charge on a loan.

That's essentially a margin.

you know up can make some money today by essentially earning interest off customers deposits but of course we pay out a pretty pretty solid interest rate on that too so really I think we're at the stage right today our focus hasn't been on generating a profit that will become you know more of a focus in the future it's just been on really nailing the experience and and and

and kind of getting that, that, that core compelling offering.

And, you know, over time we all look to, you know, lending and credit potentially and, you know, other, other products might be something in the investment space or, you know, like there's sort of other ways we can, we can do that too.

And, you know, maybe we would even have a, you know, a paid version of up that, that customers will want to pay for.

So, you know, I don't think up today is necessarily going to be what up looks like in a couple of years.

We will probably have some more,

revenue generating offerings out there as part of that.

But today that hasn't been the top focus for us.

you know, a good observation, like people, Australians generally don't switch banks very often.

I think there's something like 5% of people might switch banks in a year, which if you kind of average that out, that would mean someone might switch banks every 20 years, right?

So it's not something that people do very often.

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