Borrow
Neobanks v big banks: Who delivers faster transactions?
Neobanks are leading the way when it comes to transaction speeds.
Neobanks v big banks: Who delivers faster transactions?
New data released by Frollo has revealed just how Australia’s traditional and neobanks compare when it comes to transaction response time.
While the average response time for transactions sat around 692 milliseconds, Frollo found that the majority of financial institutions fell below that benchmark.
“Overall, seven out of 22 brands returned the data in less than 10 seconds and the average across all brands was just under 700 milliseconds,” the company noted.
The metric being used by Frollo here measures how quickly a financial institution can return all transaction data for an account on average, with lower speeds being indicative of a more responsive and robust banking infrastructure.
Of the big banks, only Suncorp, NAB and the Commonwealth Bank of Australia came in under the average.
Between 86:400 and Up, the former walked away with the crown at 235 milliseconds versus 331 milliseconds.
Macquarie Bank was also singled out by Frollo’s assessment of transaction response times. It ranked last on the list, with a response time of 4,734 milliseconds. This put it well behind Qantas Money, which came in second-last with 2,667 milliseconds.
Measured by response time for pulling up basic account data, Up came out ahead with a 107 millisecond response time.
The neobank was followed by NAB, who averaged 456 milliseconds.
“In total, eight brands were able to return account information in less than 10 seconds, six took more than 20 seconds,” Frollo said.
Just five banks managed to beat the average of eight seconds, Frollo found.
The final assessment of speed that Frollo applied to Australia’s open banking ecosystem as part of their research was response time for balances across multiple accounts.
As with transaction responses, the fintech found that Up delivered bulk balance data in less than a second, with an 86-millisecond turnaround time on average.
84:400, Beyond Bank, NAB, Macquarie Bank and Regional Australia Bank all rated below the average of 814 milliseconds.
On the other hand, Frollo found that five brands took more than 20 seconds to provide bulk balances.
“Neobanks Up and 86:400 are leading the way with fast APIs, taking less than half the time than most other banks to deliver CDR transaction data,” the company noted.
RELATED ARTICLES
About the author
About the author
Banking
Australian brokerage pedals ahead using consented data for a speedy advantage
Open banking is no longer a concept; it is an operating model shift changing how brokers originate and package credit. Australia’s early movers, backed by the Consumer Data Right (CDR) and a ...Read more
Banking
BOQ’s mortgage squeeze is a market signal: where banks will win next as competition bites
Bank of Queensland’s shrinking home-loan book is more than a single-institution story; it’s a barometer of how Australia’s mortgage market is being rewired by broker power, non-bank agility and ...Read more
Banking
RBA’s next move: Why a November cut could reset corporate risk budgets
Australia’s unemployment rate has risen to a four‑year high, sharpening the case for another Reserve Bank easing as growth moderates. With GDP expanding 0.6% in the June quarter and 1.8% year on year, ...Read more
Banking
PayPal Open Debuts in Australia: A Unified Platform for Business Growth
Sydney, 14 October 2025 – In a significant move to bolster commerce capabilities for businesses across Australia, PayPal has officially launched its new merchant platform, PayPal OpenRead more
Banking
RBA holds interest rates steady at 3.6% amid strong labour market and inflation concerns
In a widely anticipated move, the Reserve Bank of Australia (RBA) announced that it would maintain the cash rate at 3.6%. The decision was unanimous, reflecting a cautious approach as the central bank ...Read more
Banking
Hardship is the new conduct frontier: A bank’s playbook for turning ASIC scrutiny into ROI
ASIC has put financial hardship on its 2025 enforcement radar, shifting lender performance from a customer service problem to a board-level conduct risk. This case study examines how an Australian ...Read more
Banking
RBA flags price uplift as Home Guarantee expansion accelerates: what it means for banks, builders and the bottom line
Australia’s expanded Home Guarantee Scheme (HGS) has been brought forward to 1 October, compressing a multi‑year policy shift into weeks. The RBA expects the changes to lift borrowing capacity and add ...Read more
Banking
ASIC's crackdown on private credit sector gains support from industry veteran
In the wake of the Australian Securities and Investments Commission's (ASIC) recent regulatory actions, Richard Woodhead, Founder and Managing Director of GPS Investment Fund, has voiced strong ...Read more
Banking
Australian brokerage pedals ahead using consented data for a speedy advantage
Open banking is no longer a concept; it is an operating model shift changing how brokers originate and package credit. Australia’s early movers, backed by the Consumer Data Right (CDR) and a ...Read more
Banking
BOQ’s mortgage squeeze is a market signal: where banks will win next as competition bites
Bank of Queensland’s shrinking home-loan book is more than a single-institution story; it’s a barometer of how Australia’s mortgage market is being rewired by broker power, non-bank agility and ...Read more
Banking
RBA’s next move: Why a November cut could reset corporate risk budgets
Australia’s unemployment rate has risen to a four‑year high, sharpening the case for another Reserve Bank easing as growth moderates. With GDP expanding 0.6% in the June quarter and 1.8% year on year, ...Read more
Banking
PayPal Open Debuts in Australia: A Unified Platform for Business Growth
Sydney, 14 October 2025 – In a significant move to bolster commerce capabilities for businesses across Australia, PayPal has officially launched its new merchant platform, PayPal OpenRead more
Banking
RBA holds interest rates steady at 3.6% amid strong labour market and inflation concerns
In a widely anticipated move, the Reserve Bank of Australia (RBA) announced that it would maintain the cash rate at 3.6%. The decision was unanimous, reflecting a cautious approach as the central bank ...Read more
Banking
Hardship is the new conduct frontier: A bank’s playbook for turning ASIC scrutiny into ROI
ASIC has put financial hardship on its 2025 enforcement radar, shifting lender performance from a customer service problem to a board-level conduct risk. This case study examines how an Australian ...Read more
Banking
RBA flags price uplift as Home Guarantee expansion accelerates: what it means for banks, builders and the bottom line
Australia’s expanded Home Guarantee Scheme (HGS) has been brought forward to 1 October, compressing a multi‑year policy shift into weeks. The RBA expects the changes to lift borrowing capacity and add ...Read more
Banking
ASIC's crackdown on private credit sector gains support from industry veteran
In the wake of the Australian Securities and Investments Commission's (ASIC) recent regulatory actions, Richard Woodhead, Founder and Managing Director of GPS Investment Fund, has voiced strong ...Read more
