@daewinI do not think what yoy have said validates the original comparison of APT (a BNPL) vs DOU (banking) customers as a reliable growth indicator.
You have however proven my point with competition in the banking sector, and the challenge ahead for DOU to get all of your accounts to make $$$$.
You still have a commbank because it was your first....so other banking platforms although possibly being better you have not even explored as it is an inconvenience/effort to change banks as "that is set up with most of the apps/services" that you use and therefore commbank has built you an ecosystem which is hard/consuming for you to break out of.
You did not close down your commbank when you created your Up account...why? Due to that commbank ecosystem and therefore only new services have been linked to Up account.
Does this give UP maximum revenue from you being a customer? No, it is split and directly competing with commbank.
Will you also open a DOU account and therefore have 3 separate accounts? Or will you close both of those others? Or will you keep commbank because of sentimental value and all its connected services? If you close one...there lies the competition with attrition. If you keep all...there lies the competition with split revenues.
DOU make $$$$ when you spend through them, so do you think they want you to have multiple accounts with commbank and Up and therefore transactions going through others. They want you making transactions through them only. The linked open banking will be a convenience that yes the AI may learn about you initially however ultimately ithe system will(should) be designed to ween you off the others and entirely into the DOU platform. First step on the financial wellness is to consolidate all your accounts to fully see everything in one convenient location...guess where....to DOU. Can you let go of those other accounts where DOU makes no revenue from.
Now how does any of this compare to the original BNPL comparison. It does not. People do not have that kind of sentimental behaviour or commbank ecosystem attachment when using a BNPL. They will use them all if the merchants they like have differing BNPL options.
