Great Southern Bank launches digital-first small business banking solution

11 March 2024

Great Southern Bank has introduced a new, digital-first banking proposition to address the underserved Australian small business market.

Leveraging the proprietary platform and operational software provided by fintech and equity partner Constantinople, the bank is specifically targeting nano (sole traders) and micro businesses (employing less than four people).

Paul Lewis, CEO and Managing Director of Great Southern Bank said its new Business app would provide small business customers with simple, intuitive, and integrated banking products all sitting on one digital platform.

“Through our small business offering, we’re doing something different. This is an industry-leading proposition. We're blending the best aspects of neo banks with the crucial elements they lack - banking expertise, licences, and capital. And that is going to give us a strong competitive edge in a very sizeable market.

“At this stage, small business customers have access to transaction and savings accounts, overdraft facilities and unsecured loans. In time, we’ll expand to offer credit cards, home loans for self-employed business owners and vehicle loans and asset finance.

“Our goal is for customers to be able to enjoy seamless integration with key business management tools, including payments providers and credit assessment services. Essentially, they’ll be able to manage all their business finances easily and in one place.”

Australia boasts 2.4 million small businesses, with three-quarters falling into the nano or micro business category. Great Southern Bank’s research indicates that over 10% of small business owners are likely to change their primary business banking provider in the next 12 months.

The new Business app is now available for download in the Google Play and Apple App Stores.

About Great Southern Bank

For over 75 years, we’ve been putting our customers first, and today we look after the financial needs of more than 408,000 Australians. We have changed our name from CUA to Great Southern Bank but we remain customer-owned and firmly focused on helping all Australians own their own homes.