“Banks don’t normally do that”: Macquarie Bank’s new fintech approach

Elizabeth Barry 24 November 2016

macquarie bank sydney

The global financial services group is adopting an "agile mindset" to develop its new transaction account.

In order to test and launch its new product, Macquarie Bank has adopted the strategies of a fintech startup. Speaking on a panel last night at Macquarie Bank's Martin Place office, Steve Wilson, the bank's head of mobile, says the launch of the retail transaction bank service is part of its aim to emulate a fintech.

"We like to think of ourselves, particularly in the retail banking arm, as a fintech."

For the first time, the bank is launching a transaction account, which is in line with its goal of creating the "bank of the future". The account comes with features such as "search how you speak", which allows people to more easily search and find transactions, and budgeting tools.

Wilson said the bank had recently moved to an enterprise agile model that allows it to be more nimble and develop a better product.

"In a fintech, you might have a dozen people, or a hundred people if it's getting large. We've got several thousand people, so what we've done is tried to scale up the same agile decision-making frameworks in that model."

Macquarie has scaled its "agility mindset" by leaving the product decisions to the teams responsible for them.

The transaction account is currently in beta phase, with those who sign up encouraged to send feedback. As the event's host Glen Frost, founder of Fintech Sydney, pointed out, "a traditional bank does not normally do that."

Wilson said it was important they were speaking individually to people. "It’s easy with a big bank to think you’re a faceless number."

He said himself and other team members read all feedback that is being submitted, whether it be through email or social media, and have managed to apply some of the feedback they've received.

"We don't want to be the big bank that sits back and says 'that's what you get.'"

The feedback is expected to continue beyond beta phase, with Wilson believing it to be a part of the process.

"We want to make this a partnership and move forward together...I think it's an ongoing process of collaboration."

Latest fintech headlines

Image: Shutterstock

More great ideas from finder.com.au

Get a life insurance quote
Get a life insurance quote

Find out what it costs to protect yourself and your family

More info...
Refinancing home loans
Refinancing home loans

Choose from offers with rates as low as 3.39% p.a.

More info...
Google Pixel
Google Pixel

Compare plans for Google's flagship Android phone

More info...
Christmas ideas
Christmas ideas

Visit our Christmas homepage for gift ideas, markets, travel & deals

More info...

Ask a Question

You are about to post a question on finder.com.au

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com.au is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Disclaimer: At finder.com.au we provide factual information and general advice. Before you make any decision about a product read the Product Disclosure Statement and consider your own circumstances to decide whether it is appropriate for you.
Rates and fees mentioned in comments are correct at the time of publication.
By submitting this question you agree to the finder.com.au privacy policy, receive follow up emails related to finder.com.au and to create a user account where further replies to your questions will be sent.

Ask a question
feedback