Neobank 86 400 has its sights set on the traditional banking institutions in Australia and from today Australians interested in making the switch can open an account.
The bank launches with two accounts called Pay and Save, both of which can only be accessed via 86 400's app.
Those interested in the app do not even have to switch their bank accounts to 86 400; users can connect and view their existing bank accounts, plus their credit cards and home loans, all within the app.
CEO of 86 400 Robert Bell (pictured) says he hopes the app will help Australians regain control of their spending and finances.
"Managing your money shouldn't be so hard, but the simple fact is that staying on top of your finances has become too complex, leaving many Australians feeling anxious, stressed and frustrated," says Bell.
"Today, we've launched a bank which uses smart technology to show customers what's actually going on with their money, so they feel in control every second of every day. All eighty-six four hundred of them."
The full launch of 86 400 comes just two months after the company received its full banking licence from the Australian Prudential Regulation Authority (APRA).
The APRA licence is a full banking licence, meaning 86 400 can take unlimited customer deposits and that it has met the same regulatory requirements as the Big Four banks.
Named after the number of seconds in a day, 86 400 is looking to entice customers from the big four banks, promising a better and cheaper service.
86 400's team is helmed by former ANZ Japan CEO Robert Bell and UK banking pioneer Anthony Thomson as chairman.
In addition to the company's Pay and Save accounts, 86 400 hopes to soon introduce its home loan product on the app which will take the same competitive approach as its other products.
Just yesterday fellow neobank Xinja received a full banking licence from APRA, allowing it to begin accepting Australian customers.
86 400 and Xinja are not the only groups attempting to dethrone the Big Four by targeting a millennial customer base. Challenger bank Archa has its sights set on becoming a serious alternative, while Volt Bank is electrified and backed by Collection House and Spitfire.
Business News Australia
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