4 ms·

Isn't ING online-only? I'm pretty sure they predate Volt.

• hnbad 4y ago
  You mean ING Direct Australia, the subsidy of the Dutch ING Groep? I think the point was that Volt was the first domestic online-only bank. Additionally they seem to be the first "neobank" though I haven't found any definition that is able to distinguish them from a "direct bank", which also applies to ING.
  • sk0g 4y ago
    AFAIK Neobanks simply don't have a physical presence at all, and instead spend the money providing a more efficient service. I think ING has a customer service lounge or two, which just about disqualifies it. In practice, neobanks seem to refer to non-big 4 banks.
    • hocuspocus 4y ago
      In Europe we typically use neobank (or challenger bank) for VC-funded fintech startups that offer mobile-first retail banking (sometimes without a proper banking license at first). They started appearing ~10 years ago. Direct or online banks come from big banking groups but aren't always direct subsidiaries. Most of them seized an opportunity to enter a market with no or little physical presence. ING did that in several European countries, and scaled back, since then. I believe it started around 1999/2000 for the earliest players.
      • hestefisk 4y ago
        ING are mostly online and have operated in Oz in many years. AFAIK the last new consumer focused bank to enter Australia was Citi in the 90es, so Volt was indeed an exception. A lot of us had very high hopes for something different. Banking is a tough game.