Steve Weston, founder and CEO at Volt Bank and Justin Xiao, chief operating officer at Railsbank, Asia Pacific discuss plans to leverage their partnership for banking-as-a-service in a bid to launch in a competitive Australian market where two neobanks have already folded up.
May 25, 2021 | Neeti Aggarwal- Volt Bank differentiates its approach through a banking-as-a-service model in a difficult market where neobanks face strong competition from bigger, more established incumbents
- Volt Bank and Railsbank have partnered to enable business customers to launch embedded finance services in Australia
- The bank is focused on building its technology and expects majority of its customers to come from partnerships
The following is the edited transcript of the discussion:
Neeti Aggarwal (NA): I have with me Steve Weston, co-founder and CEO of Volt Bank, a neobank in Australia. A seasoned banker, Steve co-founded Volt in 2017. Previously, he was the CEO of mortgages at Barclays UK. Prior to that, his experience spans National Australia Bank and St. George Bank in Australia. And I have with me, Justin Xiao, chief operating officer at Railsbank, Asia Pacific. Railsbank is a leading banking-as-a-service (BaaS) platform. He was previously the senior director of digital solution at Visa. Prior to that, he worked at Citibank.
Volt Bank and Railsbank have recently entered a partnership for embedded finance offering in Australia.
Volt is the first new bank to be granted full licence to operate as an authorised deposit-taking institution in Australia. What has been your strategic approach in building this bank? How you are bringing a different experience to customers and where are you in this journey?
Volt Bank differentiates its approach through a banking-as-a-service model
Steve Weston (SW): If I go back to 2017, after spending many years working in large banks, I have a strong belief that banking could be done in a better way for all stakeholders. One day, I said, stop talking. If you think you can do better, go and work with a talented group of people and show that it can be done better. If I go back ...
Categories:
Keywords:Neobanks, SME, Sustainability, Bank Partnership, Baas
Steve Weston, founder and CEO at Volt Bank and Justin Xiao, chief operating officer at Railsbank, Asia Pacific discuss plans to leverage their partnership for banking-as-a-service in a bid to launch in a competitive Australian market where two neobanks have already folded up.
May 25, 2021 | Neeti Aggarwal- Volt Bank differentiates its approach through a banking-as-a-service model in a difficult market where neobanks face strong competition from bigger, more established incumbents
- Volt Bank and Railsbank have partnered to enable business customers to launch embedded finance services in Australia
- The bank is focused on building its technology and expects majority of its customers to come from partnerships
The following is the edited transcript of the discussion:
Neeti Aggarwal (NA): I have with me Steve Weston, co-founder and CEO of Volt Bank, a neobank in Australia. A seasoned banker, Steve co-founded Volt in 2017. Previously, he was the CEO of mortgages at Barclays UK. Prior to that, his experience spans National Australia Bank and St. George Bank in Australia. And I have with me, Justin Xiao, chief operating officer at Railsbank, Asia Pacific. Railsbank is a leading banking-as-a-service (BaaS) platform. He was previously the senior director of digital solution at Visa. Prior to that, he worked at Citibank.
Volt Bank and Railsbank have recently entered a partnership for embedded finance offering in Australia.
Volt is the first new bank to be granted full licence to operate as an authorised deposit-taking institution in Australia. What has been your strategic approach in building this bank? How you are bringing a different experience to customers and where are you in this journey?
Volt Bank differentiates its approach through a banking-as-a-service model
Steve Weston (SW): If I go back to 2017, after spending many years working in large banks, I have a strong belief that banking could be done in a better way for all stakeholders. One day, I said, stop talking. If you think you can do better, go and work with a talented group of people and show that it can be done better. If I go back ...
Categories:
Keywords:Neobanks, SME, Sustainability, Bank Partnership, Baas