ADI Market Share + Superannuation Teardown - January 2020

ADI Market Share


No movement on the market share for deposits from the big/bigger guys, with all continuing to hold their share despite what you might read from some reports in mainstream media.
     
Judo and Numbers have continued their growth curves from the previous months, with Xinja and Volt barely registering anything.


     

It's hard to see what the numbers on the graph as Judo are making everyone small, but at the end of December, the reported deposits were:

  • $1m for Xinja
  • $1.7m for Volt

There is a lag in this data obviously, and we have had the Xinja folk spruiking their $100m in deposits since launching their deposit product, so I'm super excited to see that number skyrocket 🚀
     
As we all know, because Up isn't a licenced ADI, they don't have to report anything as the numbers are included in Bendigo's. So.... I dusted off my abacus and got to work seeing if I could work it out.
     
And the number is 🥁

     
$1.8 BILLION DOLLARS 😱🤑
     

   
     
Well.... maybe.     

We usually look at the growth rate of Bendigo vs. System as a comparison. Since launch, Bendigo has outstripped the rest of the market by some margin. If we were to assume Bendigo's growth was on par with system, then Up's contribution would be around $927m. Decent!
     
BUT... if we look at what Bendigo was doing in the 12 months before Up launched,  a whole other story comes out. System growth was well ahead of what Bendigo's growth was.
     
So then if we assumed that Bendigo's growth continued at the rate it was going, then that's where the magic $1.8b comes from.
     
There are a huge amount of assumptions, inferences, and flat out guesswork involved in this, so please... don't be saying Up has $1.8b in balances. It was just a fun little exercise.
     
I wonder how far I am away 🤔
     
     
On the home lending front, we still don't have much movement from the Neo's, with Judo continuing their growth.

                                                           

On very good (and expected) news for my friends in the Credit Card space, there was finally balance growth across November and December as people prepare for the holiday period.

It will be very interesting to see if we get to the same $40b level we had in March (or more interestingly how far away).

Category Teardown
This month, we tear into some players within the Superannuation category.      
     
We have a look at what Spaceship, Zuper, Squirrel Super and Self Made are up to:

To be honest, we were a little disappointed in this category. We had high hopes. They were shattered.
     
For next month's teardown, we will focus on one brand and go deeeeep.
     
To find out who we have singled out and will tear into... down.... 🤷♂️ and for the full report, click on that shiny blue button below 👇
     
Until next time ✌️
     
DC
     
p.s. feel free to connect with me on LinkedIn