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Volt Bank dies with cutting-edge tech

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OPINION: Innovation was a key plank of Volt Bank’s business model. But the best mortgage platform in Australia is of little use without capital to lend the money.

which died on Wednesday

Volt was one of the first recipients of a new form of neobanking licence developed by the Australian Prudential Regulation Authority five years ago to encourage increased competition in deposits and lending. Volt wanted to do a deal with Afterpay to grow its customer base. But Westpac made this important strategic move first.

Entities like Athena Home Loans and Nano Digital Home Loans have proven it is not necessary to have a banking licence to be successful in the mortgage market. “But people forget the calculation has income and cost - we are not as efficient as people think because the income is relatively higher thanks to lack of competition.

Source: News Formal (newsformal.com)

 

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Innovation isn’t just coming up with ideas, it’s shipping product too. Very little actual product got launched from the 150 staff over 4 years

Lots claim to have the 'best mortgage platform'. Not really the competitive advantage it was when Volt was getting started a few years ago.

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