Login
ISCOVER
RAMS has dismissed reports that it is set to become a bank, however it has confirmed plans to "extend and expand" its product suite.
Yesterday, The Australian Financial Review reported that Westpac had been conducting a trial using RAMS’ software platform to raise deposits, suggesting the lender planned to move into banking.
To continue reading the rest of this article, please log in.
Looking for more benefits? Become a Premium Member.
Create free account to get unlimited news articles and more!
Looking for more benefits? Become a Premium Member.
The Adviser can now confirm that RAMS has plans in place to increase its product offering however a banking license is not on the cards.
According to a source within the organisation, RAMS will remain focused on consumer facing financial services however, plans to expand this offering are already under way.
Curently being trialed at Westpac are a RAMS savings account as well as an offset account.
The source confirmed that RAMS has ambitious plans to build its brand at consumer level, as it looks to challenge other diverse retail financial service businesses, such as Aussie.
