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Afterpay is launching a banking app as it gears up for a showdown with the Commonwealth Bank

Sumary of Afterpay is launching a banking app as it gears up for a showdown with the Commonwealth Bank:

  • With CBA on Wednesday launching an assault on Afterpay 3.4 million customers with its own version of buy now, pay later, Afterpay is preparing to launch its new banking app – Afterpay Money – following a successful pilot…
  • instalments to its banking offering, while Afterpay adds banking services to its wildly successful buy now, pay later product…
  • The executive running Afterpay banking play, Lee Hatton, who joined Afterpay last year from Suncorp and before that National Australia Bank, says the features Afterpay will roll out in its new app will be very different to what the majors offer in banking apps sitting on customer smartphones…
  • Unencumbered by legacy technology and the same level of regulation, she is confident the same ingredients that have attracted millions of Millennial customers to Afterpay buy now, pay later service can be replicated in banking…
  • Hatton provided The Australian Financial Review with a first look at the Afterpay Money app since the plan was announced in its half-year results in February…
  • The hand-drawn mock-ups of customer on-boarding journeys she puts on the table suggest the initial target market will be young females – the same demographic that flocked to Afterpay to provide inspiration on where to shop…
  • Hatton explains that Afterpay is planning to closely integrate its separate banking app with its core buy now, pay later service and unlike banks, it will not be designed around products and transactions, but rather around customer experiences…
  • Deal finder With Afterpay investors interested in its strategic thinking on creating new revenue streams, Hatton says while the first version of the app will be focused on money management, over time Afterpay could become a loan broker and earn income from referring customers to trusted partners, such as Westpac, for loan products….

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