Security with a spin: How Xinja’s creating a secure bank in a digital age

Banking in Australia is changing, and quickly. 

The banking and finance sector has seen a flood of tech-driven neobanks and fintechs hit the market in recent years, and if the levels of interest these players have generated is anything to go by, Australians have a real appetite for change. 

In fact, according to a 2019 Mozo survey, one in four Aussies have switched or are considering switching to a neobank.

However, one of the biggest hurdles these digital players face is convincing consumers that the move to a digital-only platform won’t compromise safety and security. Hardly a surprise when money is on the line. 

So, to delve into the issue and learn more about how one of Australia’s leading neobanks is approaching all things security, we sat down with Jean-Baptiste Bres, chief information security officer at Xinja.

More than just money 

Cost, features, ease of use - these are all factors considered important by Australians when it comes to their banking experience. But as 42% of respondents in our 2019 neobank survey showed, the number one priority is security. 

So why is security important, and just what are banks protecting? 

As Bres explains, for a bank - especially a new bank - proving oneself on the issue of security is vitally important - particularly in building trust with customers. 

COVID heightening bank vulnerability to cyber attack

The “large-scale shift” to digital banking and remote work off the back of the COVID-19 crisis has heightened the banking sector’s exposure to cyber attack, according to Moody’s.

Over the past few months, banks, like most businesses, have leveraged digital technology to facilitate remote work in response to social distancing measures imposed to curb the spread of COVID-19.

However, according to Moody’s Investors Service, the transition has “increased banks’ vulnerability to cyber attacks”.