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Joseph Healy - Building a banking unicorn from a blank sheet of paper
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With a 2 billion dollar market cap, Judo Bank has one goal: To be Australia's most trusted SME bank. Founder and CEO of JUDO bank, Joseph Healy told Growth Magic their different approach to banking, with less bureaucracy and a more human approach and how they are planning to stay on track in taking on the big banks.
Episode notes:
Introduction: Judo Bank is valued at 1.9 billion, making it one of Australia’s rare business Unicorns. Judo is a ‘challenger bank’ with a “high-touch, high-tech” model.
The creator story: Co-Founders Joseph and David caught up every Friday after work for a ‘weekly download’,frustrated at the banking system they worked in. Eventually asking the question: “Why don’t we build a bank”?
Purpose: Judo’s purpose is to be Australia's most trusted SME business bank. For Judo to succeed in a market dominated by giants, it has to differentiate itself, relating everything back to its purpose.
Technology: Understanding there is a huge gap of customer dissatisfaction in the current banking system, the key for Judo is a modern technology banking model with a strong human face. Judo doesn't see technology ever replacing human judgment, but making things much more efficient.
Customer Journey Experience: Using technology to create seamless and more human customer experiences, through specific data and efficient human judgement.
Technology company or bank?: Traditional banking vs Modern banking. The main role of technology, data analytics and personnel training to create the ‘Judo Way’ a more humane and efficient approach of banking focused on SME.
Value proposition: How the 4 C’s, character, capacity, capital and collateral can influence decisions.
Bankers who are passionate about their business, that differentiates on the speed of decision making have the ability to be competitive.
Disruptors and concerns: What are the potential disruptors and concerns of the market for an SME business bank and how the housing market could put the Australian economy at risk.
Blockchain, P2P and Financial Innovation. Consequences of the relationship between the unregulated market and the banking system and how technology is helping it evolve.
Conclusion: Joseph Healy’s advice to entrepreneurs and small-medium business owners looking for funding and loans
Subscribe at www.growthmagic.fm
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