Ubank says tha tcontinues to innovate for the digital generation.
Ubank is announcing a new, upcoming app and service features “to help the digital generation reach their financial goals sooner.”
Ubank, Australia’s digital bank, is continuing “to serve Australia’s tech-savvy demographic.”
With strong customer growth figures and new features and functionality set to launch in the New Year, ubank is focused “on becoming the bank of choice for the digital generation.”
In an update coinciding with National Australia Bank’s full year 2023 results, ubank CEO, Philippa Watson, highlighted ubank’s milestones “over the past 12 months, including successfully upgrading all original ubank customers to the new platform which marked the completion of customer migration.”
Ms Watson said:
“We’ve continued to see strong volume growth and customer advocacy with 175,000 new customers joining us on the new platform.”
Ubank provides a completely digital experience and particularly “appeals to 18-35-year-olds, with approximately 55 per cent of new customers within this age bracket.”
Delivering new app experiences
During the past six months, ubank has “introduced new app features and functionality giving customers better control of their day-to-day finances, so they can build momentum with money.”
Customers can now automate savings targets and reminders “to help them to reach their financial goals; better manage their expenses with the launch of PayTo; and connect other financial institutions’ accounts to the ubank app to see all their money in the one place.”
In the first half of 2024, ubank will progressively “roll out new app features and functionality to help customers manage their bills. Customers will soon be able to see their money in the context of their pay-cycle; know that they’ve set money aside for committed bills and expenses each pay; and know what they can spend to make informed decisions and trade-offs.”
This comes as ubank research “found the main pain points for Aussies when it comes to money management are; saving money (77 per cent), knowing if bills and expenses are covered (44 per cent) and knowing how much is left to spend after bills and savings (40 per cent).”
“Our customers are frequently “using buy-now-pay-later and subscription services, making split payments and micro transactions, and paying with their digital wallets and wearables.”
This can lead to incremental and sometimes unintended spending, and often we don’t realise the impact this has “on achieving that bigger goal such as saving for a car, holiday or a first home.”
Ubank has its sights set on “becoming the leading digital lender in the Australian market for simple loans. In the last six months, ubank’s ‘Time to Yes’ for home loan applications has dropped from over 10 days to less than four days.”
Ubank’s Chief Lending Officer, Kanishka Raja, said ubank has “been working hard to build automation and smarts into the home loan origination process.”
Ubank has also leveraged artificial intelligence and machine learning tools “to prompt home loan health checks, having contacted over 4,000 existing customers to support them in the rising interest rate environment.”