Great Southern Bank (GSB), formerly Credit Union Australia, has unveiled its new all-in-one, neobank-inspired business banking app targeted at the “underserved” small business market.
The app currently offers micro (businesses employing under five staff) and nano (sole trader) business users access to a suite of SME-dedicated transaction and savings accounts, overdraft facilities and unsecured loans.
GSB said this offering will, in time, be expanded to also provide credit cards, home loans for self-employed business owners, vehicle loans and asset finance.
The proprietary platform and operational software was built by Australian banking-as-a-service (BaaS) developer Constantinople – of which GSB is an equity partner.
Founded by ex-Westpac executives Macgregor Duncan and Dianne Challenor, Constantinople boasts a ‘bank in a box’ BaaS solution, which promises clients a ready-to-go banking platform that encompasses end-to-end banking infrastructure, including customer experience, banking products, operations, servicing, as well as technologies for compliance and anti-money laundering (AML) obligations.
The adopted system promises for GSB customers seamless onboarding, account set-up and configuration to business needs, and greater access to targeted credit offerings.
Great Southern is notable for being the Constantinople’s first customer.
Paul Lewis, chief executive and managing director of Great Southern Bank boasts that the new app would provide small business customers with “simple, intuitive, and integrated banking products” on an all-in-one digital platform.
“Through our small business offering, we’re doing something different. This is an industry-leading proposition.
“We’re blending the best aspects of neobanks with the crucial elements they lack – banking expertise, licences, and capital. And that is going to give us a strong competitive edge in a very sizeable market,” Lewis said.
He added that the key goal for the mutual bank is for its customers “to enjoy seamless integration with key business management tools, including payments providers and credit assessment services”.
“Essentially, they’ll be able to manage all their business finances easily and in one place,” Lewis said.
Australia boasts 2.4 million small businesses, with three-quarters falling into the nano or micro business category.
Great Southern’s research indicates that more than 10 per cent of small business owners are likely to change their primary business banking provider in the next 12 months.
Constantinople early last year raised $32 million in its seed round, the largest in Australian start-up history, with GSB among the major seed investors.
