Debut wants to raise the bar and set new standards of excellence in the financial industry. With invaluable input from the Kiwi public, Debut is on a mission to redefine what it means to be a truly customer-centric bank. It’s an exciting and innovative approach that has the power to revolutionise the way we think about financial services. By prioritising the needs of our customers, Debut is marching to the beat of a different drum and creating services designed to help Kiwis succeed. But first, let’s take a moment to examine how traditional banking works, so we can appreciate what makes Debut special.
Banks generate returns through various methods, but they also have ways of passing those earnings back to their customers. For instance, they may offer savings accounts with competitive interest rates, allowing customers to earn interest on their deposits. Banks may also offer cashback rewards on credit card purchases or waive certain fees for account holders who meet certain requirements. Additionally, some banks provide investment products that allow customers to benefit from the returns generated by the bank’s investments. Overall, while banks use complex systems to generate profits, they also have ways of sharing those profits with their customers.
Debut is exploring many of the same techniques traditional banks use to generate returns for customers, but our goal is to offer significantly more customer benefits.
In some ways, the New Zealand financial sector lags behind the rest of the world (RNZ). New banking, investment, cyber security and mobile technologies have developed at breakneck speed over the past two decades. Debut is building the smartest bank in New Zealand. We use technology to provide Kiwis access to financial tools and products previously only available to those with specialised knowledge or those who could afford it.
We’re laser-focused on maximising returns for Kiwis. That’s why operating lean is part of our DNA. Flashy buildings and expensive advertising campaigns cut into profits that get charged back to customers. Yeah nah, we don’t need all that. We’d rather cut the fluff and give more back to our customers. Sweet as!
Big banks focus on maximising profits for their shareholders, which can lead to products being trimmed down or constrained to keep more money in shareholder pockets. Debut wants to help NZ banking customers to access new opportunities to grow, save and understand their money.
Our mission with Debut is to put $1 Billion back in Kiwi pockets, keeping that money on-shore and circulating in New Zealand (not Australia). Some banks charge numerous fees, or high-interest rates for mortgage or lending products while providing underpowered savings models that do little to fight inflation. Debut is building a bank Kiwis can be proud of, and here’s how we’re doing it.
Most banks in New Zealand only pay you interest on savings or term deposit accounts and pocket the rest for themselves. Debut is not most banks. With Debut, you’ll earn interest on every dollar in your account, even the ones you use daily.
We don’t want to lock your money away, as with term deposits. That’s why we’re working on options allowing you to withdraw without any fees or penalties.
If you’re looking for a hands-off approach to growing your money, Debut’s got you covered. There’s no need to worry about which stocks, funds or bonds to invest in to grow your money. We do it all for you, managed seamlessly in the background.
Many of the features above are inspired by conversations, comments and feedback from the Kiwi public and our collective desire to elevate banking and increase benefits for NZ customers.
There’s so much more we want to explore and dig into. We have some products on our future roadmap we want to make sure we get right, like lending. It has to be done in a way that has the best possible outcomes for our customers.
Debut will launch later this year and become available to members on our waiting list. Join the waiting list below. You can also move up the waiting list and help us grow Debut by inviting your friends.
Please note, Debut is not a registered bank under the Banking (Prudential Supervision) Act. This is about our future intentions. Investments with us are not supervised currently by the Reserve Bank of New Zealand.
How are returns for savers generated?