Xinja has entered the market with a prepaid debit card – a particularly popular product choice among younger demographics unable to access credit cards.
“We’re building a relationship with customers so they know who we are and trust us,” Le says. “Prepaid card helps them learn who we are – people won’t immediately switch everything over. They get a taste of the experience and how we deliver what we say we are delivering. We have an ethos of earning customers, it’s not about acquiring customers.”
It hopes to provide a full suite of retail banking products, which will require a full banking licence. It is already launching mortgages (under its Australian Credit License) and plans to launch deposit taking transactional accounts (which will require a restricted banking licence).
Xinja supports the development of open banking and other future common infrastructure that will allow them to bring new products to Xinja customers as part of a ‘marketplace’ model. Those products and services may also stretch beyond traditional banking to include products or services in the utilities, travel or retail sectors.
“We’ve tried to stay away from being a ‘product house’ or a ‘solution house’ looking for a problem. We’re starting from what customers want, need and value. It’s very important that we only build things that have value that customers recognise – and then find the best way to make that available to customers.”
Many banks use a net promoter score – asking people would you recommend us – as a way to measure their success with customers.
“Our view of that is that it’s a very narcissistic measure because you’re not actually measuring the impact on the customer – you’re measuring what they think of you… we’re more interested in measuring did we make an impact for you? Did we make a difference?”.