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
Yeah.
And I think the, like one of the reasons you see all of the prepaid offerings, I guess, is that sort of is a fast way to get to market.
And, you know, some of the really big NEOs overseas started that way.
You know, Monzo in the UK, which I now think now they have millions of customers and they're a real bank and they do kind of most of the things you'd expect the bank to do.
I mean, they started out as a prepaid sort of debit card just to get in the market and sort of show their, I guess, prove the value that they could provide.
But I think, as you say, as more and more NEOs sort of, you know, they were probably one of the first ever NEOs in the UK, but Australia now has a fair few
you know, actual NEOs and sort of prepaid type plays.
So it's, I think it's becoming harder and harder to stand out if that's all you have.
And I think, you know, from our point of view, being able to actually be the place where your salary comes in and help you manage that then provides quite a big point of difference over those kinds of offerings.
Um, I think in terms of consolidation, I mean, it's, it's really early days and, um, you know, there are like, we were sort of talking before the podcast and there are sort of hundreds of, um,
you know, building, uh, building societies and credit unions around Australia, often providing banking for a small segment of the community.
It could be sort of geographic or industry based thing, and they might only have thousands or tens of thousands of customers and they can run a good business at that scale.
So, you know, you can have sort of neos that could be quite niche players.
They don't have to be all trying to be the next big four, um, bank, but in terms of the ones that really want to get that scale, um,
you know, I think it's going to, it's sort of a question of, you know, is it going to make sense for a big bank to try and sort of swallow those up?
Will the customers of those NEOs stick with them if they're owned by a big bank?
You know, if the plan was to sort of bring all of those customers, if they're sort of buying that NEO for the customers, maybe for the young customers, I think you'd probably end up seeing something more like maybe a Facebook type of,
model in the u.s where they will you know they've bought their instagrams and whatsapp and at least for a few years they just left them on their own to kind of run as separate businesses um you know because i think in banking that you know you can get sort of these economies of scale uh with sort of the core financial stuff you're doing um but from a brand point of view to me that will kind of end up being a lot of the the big difference you know that's i think
The big banks could potentially build a lot of the technology that Up has given enough time because they have lots of money and they can hire lots of people to do that.
But I'm not sure they could ever necessarily build something like the Up brand themselves.
Showing 121–140 of 202 · page 7 of 11
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