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In this episode, Jeremy Muir, a Partner in our Financial Services team, talks to Shane Marsh, co-founder of Dosh, an innovative digital banking app provider. They talk about the changing landscape of banking in New Zealand and Dosh’s plans to become a registered bank.

[01:11 ] Jeremy and Shane discuss the differences between traditional banks, with physical branches and long-established customer bases, and digital banks, which operate exclusively online through the latest digital technology and cater to “digital natives”.

[03:37 ] Shane talks about the challenges traditional banks face due to legacy infrastructure and the high operating costs of physical branches. He points out that digital banking providers, free from these traditional challenges, are well placed to pass on cost efficiencies to customers.

[06:36 ] Jeremy points out the opportunity for different banking methods within the market; some customers may still prefer physical branches, but many “digital natives” prefer banking apps and solutions that reflect their more tech focused lifestyles. 

[08:11 ] Shane then provides insights into the development of digital banking globally, with a focus on the UK and Australia, noting how these digital banking models are influencing the banking sector worldwide.

[10:57 ] Jeremy and Shane discuss Dosh’s intent and progress in obtaining a bank licence with the Reserve Bank of New Zealand. Shane outlines the company's readiness to compete with established banks and the potential for Dosh to meet the growing demand for digital banking solutions in New Zealand, ahead of the release of the Commerce Commission’s final report into market competition in New Zealand’s banking sector which is due to be released.

[15:21 ] Shane discusses the capital requirements for becoming a registered bank in New Zealand and how Dosh’s business model differs from traditional banks, presenting a case for a more tailored approach to capital regulation for digital banks.

Information in this episode is accurate as at the date of recording, 13 August 2024.

Please contact Jeremy Muir or our Financial Services team if you need legal advice and guidance on any of the topics discussed in the episode.

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Additional resources 

• Dosh website
• Commerce Commission: Personal banking services market study – Draft report 21 March 2024 

For show notes and additional resources visit minterellison.co.nz/podcasts