Australia is a region where financial innovation is being explored by many companies. Volt, the country’s first neobank, illustrates this change perfectly.
Volt is on a Mission
Launching a neobank in Australia is no easy feat. Similar to most other regions, the financial landscape is dominated by a few key players. Gaining any traction in this industry never comes easy.
To ensure there will be future growth, Volt is exploring an interesting option. The neobank is partnering with the Cotton on Group. Most Ozzies will know that name, as it is the nation’s largest global retailer.
The purpose of this collaboration is simple to explain. Cotton On team members will partake in the Volt Savings Challenge. This will aid in creating better financial habits.
Over the past decade, it has become apparent that households need to set targets and reminders. Especially when it comes to saving money and managing a budget, there are many hurdles to overcome.
According to Volt, it takes roughly 6 weeks before customers will embed the saving habit in their daily lives. Through this trial with Cotton On, that suspicion will be either confirmed or refuted. Collecting valuable data is crucial to all financial institutions.
Aligning Company Values
In theory, Volt can conduct such a trial with any partner. The decision to opt for Cotton On Group is not random. The neobank is convinced that their values align with Cotton On. That aspect will contribute to making this partnership successful over time.
Volt CEO & Co-Founder Steve Weston adds:
“Both Volt and the Cotton On Group are built upon a foundation of delivering great value to customers, a foundation that starts with a commitment to genuinely solve customer pain points whilst dealing ethically and transparently with customers, staff, and suppliers. We feel really comfortable partnering with a company that’s as customer-focused as we are.”
Volt offers a few core aspects most traditional fans tend to overlook. Simplicity, trust, and great value are the main objectives. Helping customers understand their finances is another major point of focus for the neobank.