There’s a new kid on the fintech block shaking things up … Neobanking
As the name suggests, Neobanking is a new and revitalised way of banking. Neobanks eschew traditional bricks and mortar branches in favour of being 100% digital, reaching customers only via mobile apps and personal computer platforms.
Neobanking started around five years ago in Europe with companies like Monzo and Starling in the UK and Fidor in Germany. After taking Europe and the UK by storm, Neobanks are relatively new to Aussie shores but financial reporters around the country have dubbed 2019 the year of the Neobank, with several vying to be first to market.
Australian Neobanks Volt and 86 400 have been granted a full banking licence from the Australian Prudential Regulation Authority (APRA), with Xinja hot on their heels and expected to have a full licence approved any day. A few smaller Aussie start-ups are also looking to get into the race this year, and then there’s the big international Neobanks looking to expand Down Under. UK-based Revolut, which has over 5 million customers in Europe, is set to launch in Australia this year, while Chinese digital bank WeBank also has plans to enter the Aussie market, amongst several others.
The race for top talent
Needless to say, this is currently one of the hottest areas in the tech sector with these Neobanks all scaling up to get their product to market and on the hunt for talent. Enter Technology People! We’ve been working with Xinja to help them find the best available talent across a wide range of roles.
So, what positions do Neobanks need to fill, and what skills are they looking for? In a nutshell, the whole ethos for Neobanks is based on offering a seamless customer experience online, so they’re very much driven by technology. Saving costs on physical locations allows Neobanks to put a greater focus and more resources into their online features and functionality, to create a modern, intuitive and customer-led digital banking service.
Neobanks need a range of skills
And so, revolutionary technology needs brilliant digital minds! Neobanks need people in a range of tech roles from API engineering, UI design, app development, front and back-end development, data science and IT.
But it’s not just digital minds they need! Neobanks will be looking for people with financial services background who have an understanding of core banking and an interest in creating a flawless customer journey and solving customer problems with a new approach.
One of the major projects for Xinja is developing technology that will provide faster home application and approval processes so experience in loan origination experience would also be highly valued. When it’s fully operational, this technology will offer customers a completely unconditional approved mortgage in under 20 minutes.
Xinja and other Neobanks will pack a punch with additional sophisticated features that will also require specialist talent across many fields, including using artificial intelligence to track spending behaviour and adopting machine learning technologies.
With announcements of new or existing Neobanks looking to enter the Australian market every other day, we predict that this will continue to be an area of growth in the next couple of years and the strong demand for talent to join their progressive ranks will not slow down any time soon.
If you want to work with a highly innovative, agile team and help change the face of banking for good, Xinja wants to hear from you. If a career in Neobanking sounds like you, check out what’s on offer on our Live Positions page – https://www.technologypeople.com.au/live-positions/#
Technology People is an IT recruitment company with 8 principals, over 120 years of combined experience and 56,000+ active connections in the Australian market.
Tel: (+61) 2 9037 0300