Ah yes, the neo-banks. As Josh told the Upfront podcast, he’s a big fan of their approach.
“The first time I used a neo-bank, it was amazing. In Australia and a lot of other countries, if you want to open a bank account, you need to get in the car, drive to a branch, fill out some forms, wait a bunch of time and then eventually you'll get a bank account. N26 are based out of Germany. They had worked out that all you have to do is download the app on your phone. They got around the KYC (know your customer) checks by doing a video. Quick video call with an actual human. Hold up your passport. Hold up your ID. Have a conversation. They validate that you're a real person and then you've got an account. The KYC compliance has always been there, but the innovation is, ‘why can't we do that on video?’ I think the start-ups get it right. They think a bit differently.”
As someone who lives and breathes digital customer experiences, he must be quite hard to please. So what impresses him the most?
“It always goes back to Apple. What it’s like to unbox, how great it is when you’re setting it up. It’s accessible and works for everybody. How can financial services get to that?”