We aren’t a bank because we don’t have a banking licence. We are a registered financial services provider in NZ.

‍

A bank’s primary business is borrowing and lending money. Ever wonder how banks make so much profit year-on-year? It’s from lending your money to other people - whether that be businesses in the form of business loans or consumers as mortgages.

‍

The reason your banking experience is so poor is there’s no incentive for them to improve it. Why would they spend millions improving their customer service or technology if it’s not the thing that grows their profits? 

‍

Everything else they offer - your business account, debit cards, internet banking, etc - is just window dressing so you come to them to borrow money.

‍

We don’t do that. We do the bits they treat as an afterthought, but 100 times better.

‍

‍Why do you call yourself a bank then?

We don’t. Nor will we unless we get a banking licence.

‍

Using the phrase ‘banking’ is the easiest way to make people realise what we do because everything we associate with banks as customers - the payments, cards, accounts, apps - isn’t really banking. It’s financial services. But that means nothing to anyone.

‍

If you’re not a bank, is my money safe?

Yes. 

‍

All money deposited with Emerge is held in trust with a major registered NZ-based bank (with an S&P AA- rating - the highest in NZ). The short story - if anything happens to Emerge, your money is still safe.