Australia’s Digital Banking Platform Ubank to Focus on Serving Tech-Savvy 18-35 Age Group

Ubank’s CEO Philippa Watson and Head of Product for Everyday Banking, Andy Wright recently shared key insights at the 10th annual Australian FinTech Summit.

In a discussion during the 10th annual FinTech Summit, ubank’s CEO Philippa Watson shed light on how ubank is “redefining customer experiences through its third-party partnerships.”

Ubank, Australia’s online bank, is dedicated to delivering “a fast, digital, and simple banking experience to the tech-savvy 18-35 age group.”

Ms Watson shared the stage “with other industry leaders and together they explored how fintech is reshaping the financial services sector, promising lower costs, enhanced accuracy, personalisation, scalability, and growth.”

To achieve its customer value proposition, ubank claims it “has undergone a significant technological transformation in recent years, allowing for faster innovation, shorter product cycles, and more personalised approaches.”

Ms Watson said:

“We’re Australia’s first online bank. We acquired neobank 86 400 in May 2021, which provided a fresh, modern technology platform with minimal legacy systems, specifically designed for deposit and home lending products, and was exactly what we needed.”

The ubank team is proud to “scale its platform and deliver new capabilities in collaboration with leading with third parties.”

Ms Watson said:

“For our partners engaging with us, we’re highly regulated and accountable to our customers, regulators, and shareholders for full system availability at all times. We prioritise resilience, stability, and the ability to scale rapidly. We know that our future lies in finding great partners who excel in their domain, enabling us to accelerate.”

In a later session, Andy Wright, Head of Product for Everyday Banking at ubank, illustrated how partnerships “enable the bank to deliver data-driven insights and automation, enhancing the customer experience.”

Mr Wright talked about “one of ubank’s most popular features, ‘Connected Accounts’, which enables customers to see their accounts across all their different banks in one place.

He said:

“We provide this service with our partner Yodlee, who powers the data aggregation as well as personalized insights such as bill prediction.” 

Ubank also leverages customer data “to improve customer experiences and bank efficiency in its Home Lending business.”

He added:

“We rely on data to enable automation and improve our home loan experience end to end. We work in collaboration with multiple partners, including Simpology, to streamline the home loan onboarding process. This includes capabilities like auto-decisioning to approve, refer, or decline applications based on credit rules, with an efficient process and robust risk controls to provide customers with a swift response for a confident home-buying journey.”

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