Avenue Bank needs more time to show it is just a little bit serious about its schemes to penetrate and progress in the Australian banking industry.  

APRA yesterday indulged Avenue Bank with an extension - of unspecified duration - in their probation period as a restricted ADI.

Avenue received its RADI in September 2021. It is now one of eight neobanks that are making noise but not being much of a nuisance to the established order.

Avenue continues to inform those joining the waitlist that it is testing things out with a select, meaning small, list of customers. 

Of course, more than anything Avenue must demonstrate to APRA that it has robust and timely processes around routine reporting. And lord knows what else.

Avenue Bank wasn’t ready to take the field in the big leagues. Makes you wonder if it ever really will be and what chance remains it might - in the end - show many, or any, points of difference. 

One glimmer of hope is that APRA afforded in1bank an extension of time, soon followed by a full license.