in 2018 that enabled Australian neobanks to compete with established lenders also allowed them to lay strong foundations for growth in 2019. 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.
Ongoing interest rate cuts are undermining one of neobanks' strongest selling points, which might make it necessary for them to boost offerings elsewhere. Multiple interest rate cuts could damage customers' enthusiasm for saving with neobanks given that high interest rates were previously their biggest draw.
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