The Westpac Group announced that SocietyOne as its new partner that is set to join the new digital banking-as-a-service platform developed by the company. The alliance with the Westpac Group is expected to open up new growth opportunities for SocietyOne which provides a range of financial services and products to its 75,000 odd Australian customers.
According to a Visa report, customers living in cities that are digitally advanced and have an established digital banking ecosystem save nearly 8 hours when they use digital banking or around $ 12 billion in time savings annually. This has been one of the major factors that are driving the adoption of digital banking around the Australian subcontinent in recent months.
The announcement also points towards the potential growth prospects for Westpac as several fintech and institutional partners continue to express interest in digital banking services. The digital banking platform designed by Westpac is the first of its kind in Australia and makes use of cloud-native technology. The digital banking services offered by Westpac will be made available for SocietyOne customers in the second half of 2021.
Word from Westpac
Macgregor Duncan, General Manager, Westpac, spoke about how this partnership presents lucrative opportunities for the financial institution. The move allows the bank to connect to new customers with a cost-effective operating model, increase the valuable deposit balance and also expand its offer to data and lending services. He added, “We recognise that Australians are looking for new and different ways to do their banking and by partnering with established brands and leveraging our combined data resources, we can provide better, more personal experiences for customers.”
Word from SocietyOne
According to Mark Jones, CEO, SocietyOne, the launch of the SocietyOne app, will allow customers to perform various tasks without any barriers. Customers can use the app to check their credit score for free, manage their current loans, and apply for a new SocietyOne loan. Customers can also transfer, deposit, and withdraw money from the new transaction account that is powered by Westpac’s digital platform.
Mr. Jones said, “This move forms part of our long-term strategy to build a range of financial products that will help empower and educate our customers and assist them to achieve their goals faster.”
SocietyOne was founded in August 2012 and emerged as the first-ever consumer marketplace lender to provide risk-based pricing. Society one is backed by several notable shareholders such as EISS Super, Consolidated Press Holdings, NewsCorp, Seven West Media, and Australian Capital Equity.
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