The new Aussie bank that's planning to give the big four a run for their money

Amidst the ongoing controversy arising from the Royal Commission into the financial services industry, and decreased public approval of Australia's major banks, a new online-only bank has thrown its hat into the ring to provide something different.

Called 86 400, named after the number of seconds in a day, the bank is looking to lure customers from the big four banks, promising a better and cheaper service.

86 400's team is helmed by former ANZ Japan CEO Robert Bell as the new CEO of 86 400 and UK banking pioneer Anthony Thomson as incoming chairman. Thomson is the former chairman of Metro Bank (the first new bank in the UK in 150 years) and Atom Bank (the UK's first digital bank).

The online-only bank will launch in beta towards the end of 2018 and intends to launch to the public in the first quarter of 2019, complete with a transaction and savings account from day one. Read more

David Simmons - Business News Australia - 28 June 201802