@ChickenNuggets I did not understand a thing about ISX three months ago, this video really helped a lot. Put it simply ISX has put some great technology to their full use, so it can offer many of the banking services at a fraction of the cost compared to traditional banks. AML, identity check, commercial deposits and transfers (not retail).
I am only familiar with the classic retail banking services like term deposits and home loans, but there are actually many more market segments in the financial sector. The journey of ISX is only beginning, they will no doubt expand their banking services and geographic areas in the future. Most immediately, we are all keenly awaiting for the approval Australian deposit taking license, due in months.
A question fro everyone neobanks like ISX seem to be more popular in EU, while hardly exists in US. Does anyone know why? Is it because big US banks and the likes of VISA / PAYPAL are barriers to entry?
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