There was great news last week for Australians craving for more competition in our banking sector with the announcement that Australia’s first digital bank had been granted a full, unrestricted banking license by the regulator, APRA.
This is a huge milestone and has been a long time in the making. Volt Bank can now accelerate its plans to launch products direct to consumers, starting with transactions accounts and term deposits and then building up to loan products including home loans.
In the interim, they have launched Volt Labs – an app which allows people to register their interest in signing up in the future and connecting up to the growing Volt Bank community.
The community features are a great way to get involved and be a part of shaping the bank’s products and services. You can “have your voice heard, submit ideas and be the first to test features and products.”
The full-banking license has been well earned by Volt – they have had to work hard to prove to APRA that they can operate as a proper bank – which is a good thing, as increased competition should not compromise our robust financial services sector.
Volt is led by an experienced team of banking executives including their CEO Steve Weston, who have been spurred on by the findings from the Banking Royal Commission: “Our mission is simple; to empower people and make financial services easier. It’s about giving Australians a fundamentally different banking experience, one that is honest and fair.”
So get involved, download Volt Labs on iOS or Android and help shape the future of banking in Australia.