86 400's interest rate cuts come at a precarious time for neobanks as they feel the impacts of the pandemic-driven economic slowdown
the previous year that enabled them to compete with established lenders. High-yield savings accounts were a key customer draw, and the neobanks' deposits skyrocketed as a result. But paying out this interest means high costs, which is no longer sustainable in the current environment.
Neobanks are sacrificing one of their strongest selling points in cutting interest rates, which might make it necessary for them to boost offerings elsewhere. Neobanks should identify new incentives as multiple interest rate cuts could dampen customers' enthusiasm for saving with neobanks. Introducing other value-added features — such as advanced money management tools — could help them continue to drive customer acquisition and deposits for their savings accounts.
into the mortgage market could be a valuable acquisition tool, as it's currently the only neobank in Australia to offer mortgages.Join other Insider Intelligence clients who receive this Briefing, along with other Banking forecasts, briefings, charts, and research reports to their inboxes each day. >>
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