Judo Bank won a silver award at the Qorus-Accenture Banking Innovation Awards 2023 in the Neobanks & Specialized Players category for 'Judo Bank: a Specialist, Pure Play SMB Lender’. Lisa Frazier, Chief Operating Officer at the Australian bank, tells us about the win and the challenges they faced to succeed in the SME banking market.
Can you introduce yourself and tell us more about your role at Judo Bank?
Judo Bank is a challenger bank focused on serving small and medium businesses (SMB) in Australia. I am the Chief Operating Officer responsible for the design, build and running of the bank. This includes Technology, Lending Product, the Deposits business, Digital, Data and Insights, and Operations.
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What made you most proud of the Judo Bank project? What was your greatest achievement in making it happen?
Our success is a result of the hard-working Judo team. Our people, their passion and dedication to improving the industry, is what I am most proud of. LinkedIn rated us as the #1 place to work in Australia in 2023, which was a high accolade for Judo employees and the experience of working in a challenger bank.
What is the most important thing you would tell someone considering embarking on a similar project?
Starting a bank is not for the light-hearted. There are many highs and lows. Fortunately for us, we have had a lot more highs. The most important piece of advice is to ensure there is a market for the problem you are solving, i.e., don’t spend a lot of capital before you see data showing the business model has legs. Identifying product-market fit requires conviction and not being afraid of embracing the feedback from early customers. They represent your ‘true north’, so actively listen to them and take action.
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What's coming next for Judo Bank?
We are committed to scaling the bank to be able to serve more SMBs across Australia. We remain committed to providing customers with a great relationship banking experience via a dedicated bank empowered with technology, digital and data/AI.
What would you say to companies that might consider entering the 2024 Banking Innovation Awards?
Sharing your innovation accomplishments with others around the world enables others to learn of your efforts and fuel further innovation in the industry. Don’t be shy, just nominate!
What does this award mean to you and your innovation team?
The recognition for our innovation in SMB banking on the global stage is a celebratory moment. The award is acknowledgement that Judo Bank (and Australian startups) are making meaningful contributions to innovation in financial services.
Qorus members can access a complete feature including a detailed presentation of all the winners here
