Australia’s first neobank, Volt, is partnering with Australia’s largest global retailer, the Cotton On Group, to introduce team members and customers to the Volt experience.
It will be the first partnership of this type between a neobank and major retailer in Australia, putting both companies at the forefront of digital innovation in the retail banking sector and taking an important step to support the financial literacy and good spending and saving habits of millennials.
Cotton On team members, and in time Cotton On Perks members, will be introduced to the Volt Savings Challenge in an effort to help them create better financial habits. The Volt Savings Challenge encourages customers to set targets and sends gentle reminders for weekly saving, tracking their progress over a 6 week period by which time the savings ‘habit’ should be embedded behaviour.
According to Steve Weston, CEO & Co-Founder of Volt, the partnership is also heavily centered on a deep philosophical and values alignment between the two customer-focused companies.
“Both Volt and the Cotton On Group are built upon a foundation of delivering great value to customers, a foundation that starts with a commitment to genuinely solve customer pain points whilst dealing ethically and transparently with customers, staff, and suppliers,” said Mr. Weston. “We feel really comfortable partnering with a company that’s as customer-focused as we are.
“The partnership will help us continue to show millions of Australians how to quickly develop and improve their savings and spending habits with Volt. We recently introduced to our waitlist a “no catches” 2.15 per cent variable interest rate, which complements our savings challenges that are designed to help people become financially healthy and masters of their own money.
“We look forward to bringing this experience to many more Australians in the coming years,” Mr Weston concluded.
The Cotton On Group is partnering with Volt to bring a roadmap of innovation and value to customers in Australia by introducing banking services tailored to millennials that provide a supportive environment for healthy savings habits, said Brendan Sweeney, General Manager, E-Commerce, who leads the Group’s digital and loyalty strategy.
“Our millennial team and customers are highly engaged, digital-first and have told us that they are looking for trusted partners who can help them achieve their financial goals,” said Mr. Sweeney.
“We really like the Volt approach of simplicity, trust, and great value coupled with a digital customer experience designed to help customers understand their finances and achieve their goals. We look forward to making the Volt experience available to our team members and customers over the coming months.”
The Cotton On Group partnership follows others Volt has signed including PayPal. The partnership strategy is an important element in delivering competition to the banking sector.