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Great Southern Bank to launch new digital banking platform to the under-served small business market

Man using mobile phone

17 May 2023

Great Southern Bank will launch a new digitally led banking proposition in the second half of 2023 targeting the under-served small business market.

Using proprietary technology developed by fintech and equity partner, Constantinople, the bank is specifically targeting Nano (sole traders) and Micro businesses (companies employing less than four employees).

Great Southern Bank will provide small business customers with a range of simple, and intuitive banking products sitting on a single digital platform.

Customers will initially have access to transaction and savings accounts, credit cards, and overdraft facilities. Over time, home loans for self-employed business owners and business development loans will also be offered.

Through the platform, customers will also have seamless integration with key business management tools, including payments providers.

Independent research shows that one in three business owners have either changed banks in the past two years or are considering it. Great Southern Bank’s own research reveals that just over 10 per cent of business owners are likely to change their primary business banking provider in the next 12 months.

“Whilst forming the backbone of our economy, the banking needs of Australia’s 2.4 million small businesses have historically been under-served and, in the case of Nano and Micro business, largely ignored.

“We aim to change that with a new approach that provides small businesses with simple, intuitive, and integrated banking tools that can be easily managed through a single platform,” Great Southern Bank CEO and Managing Director Paul Lewis said.

“We believe we can offer small business owners a better banking proposition – a customer-owned, digital-first alternative with the capability and speed of a neo-bank, backed by a bank with customer satisfaction rates at least twice that of the big banks.”

Great Southern Bank is currently testing its small business banking proposition with customers ahead of rolling out the new platform and the first of its banking products in the second half of 2023.

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 387,000 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.