In 2023, Alex.Bank is the most awarded new digital bank in Australia having received its full ADI in December 2022.
Alex has over 2000 customers, settling close to $50m in personal loans, and has both lending and deposit products in the market – most recently launching a new Term Deposit product.
Simon talks to Dexter about building a new bank, the lessons learned from other neo banks and his lessons and insights as an entrepreneur.
Simon was motivated to start Alex.Bank after noticing a decline in customer experience in consumer and small business lending due to the focus of big banks on mortgages and transaction banking. He believed that consumers deserved a fairer and easier banking experience. With this in mind, Simon co-founded Alex.Bank in 2018 to challenge the status quo.
The aim of Alex.Bank was to provide a humanised banking experience, which Simon achieved by eliminating complicated paperwork, jargon, and unnecessary fees. He and his co-founder, Craig Fenwick decided to give the bank a human name to bring back the ‘human-touch’ to banking.
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