Why are Aussie businesses abandoning ING Bank?

The proof comes from a greater than 50% decline in business deposits since December 2020 (from $2.67 billion to $1.1 billion).

That's a lot!

According to bankingday.com, the issue is due to the bank's low-interest rates on savings and term deposit accounts. That's a fair assumption, given the low rate of 0.6%, but the issue is really about value at a much deeper level. 

It's not just ING watching business owners disappear into the sunset. Bankwest recently notified small businesses that they could no longer bank with them.

For far too long, banks have made record profit after record profit for providing very little value other than giving you somewhere to store your money.

It's this value exchange, or lack of, which is exactly why Thriday exists.

What if I could manage all of my financial admin in the same app I do my banking in?

That's the thought I had all those years ago dealing with my frustration sending bank statements and spreadsheets of transaction records back and forth with my accountant while waiting for Xero's customer support to get back to me 2 weeks later. I'd had enough.

On the other side of the coin, I led the product team that launched the first mobile banking app in Australia, so I knew how powerful direct access to that transaction data could be and just how simple my life would be if all of the tools I needed to manage my financial admin were in the same app. All powered by that transaction data.

It's a no-brainer. 

So, how does Thriday compare to a traditional bank?

Thriday is a platform designed specifically for small businesses, offering a combination of banking*, accounting, and tax management features in one place. This eliminates the need for separate systems and simplifies financial management.

We get out of bed every day to eliminate as much financial admin as possible for small business owners.

Key features:

• Tailored banking* services: Business transaction accounts, BPAY payments, multiple accounts, user-friendly online and mobile platforms. (to be clear, Thriday is not a bank. Our banking partner is Regional Australia Bank, and your money is held with them and backed by the Commonwealth Financial Claims Scheme for up to $250,000)
• Advanced, automated accounting and bookkeeping: Track income/expenses, save receipts, manage invoices, automatically reconcile accounts, and automate real-time reports.
• AI-powered automation: Reduces manual data entry and errors and automates tasks like categorisation and reconciliation.
• Seamless tax management and reporting: See your tax obligations calculated in real-time as income comes in and expenses go out. Lodge your BAS and tax directly from Thriday.
• Cost-effective: $0 monthly bank account, transparent pricing plans. Invoicing is designed to help you get paid faster, and automated bookkeeping and accounting features can save you ~6 hours a week!
• Local Melbourne-based support: You can contact us via phone, chat and email.

Benefits:

• Saves time and money and reduces errors.
• Provides a holistic view of your finances in real time.
• Makes tax compliance clear and simple.
• Cost-effective solution for small businesses.

Switching from ING:

• The process is simple; you can see the details here: https://www.thriday.com.au/switch-from/ing
• Thriday customer support is available to assist. You can contact us via phone, chat and email.

Thriday vs. ING:

• Thriday offers a more comprehensive platform with integrated features that deliver true value through efficiency and automation.
• Thriday is specifically designed for you, the small business owner.
• Thriday is more cost-effective. Your time is your most valuable resource, and we can give you ~6 hours of it back every week!

Conclusion:

I know from experience how powerful banking data is and how painful and time-consuming managing financial admin can be.

By harnessing the power of your banking data, removing inefficiencies through the smart use of AI, and including all the features a business needs to manage its money in one place, Thriday is truly revolutionary.

If it sounds too good to be true, book a demo, we'd love to show you exactly how it works.