UBank

UBank was launched by Gerd Schenkel and Greg Sutherland for National Australia Bank on 1 October 2008, with the purpose of establishing a presence in the "self-directed" customer segment.{{cite web |url=http://www.nab.com.au/About_Us/0,,96107,00.html |title=NAB – NAB unveils UBank |publisher=National Australia Bank |access-date=29 October 2008 |archive-url=https://web.archive.org/web/20081104045151/http://www.nab.com.au/About_Us/0,,96107,00.html |archive-date=4 November 2008 |url-status=dead |df=dmy-all }}

NAB stated it aimed to attract new retail customers while operating independently to its other retail brands,{{cite news|work=Melbourne Herald Sun|title=NAB moves into new territory with U|date=2 October 2008|access-date=2 October 2008|url=http://www.news.com.au/heraldsun/story/0,21985,24433157-664,00.html|first=George|last=Lekakis|archive-date=30 June 2012|archive-url=https://archive.today/20120630094123/http://www.heraldsun.com.au/businessold/nab-moves-into-new-territory/story-e6frfh4f-1111117639297|url-status=dead}} and in its 2009 annual report, NAB claimed that this strategy had been "successful".{{cite web|publisher=NAB|title=2009 Annual Report|date=December 2009|url=http://www.nabgroup.com/vgnmedia/downld/2009HYResultsFinalSec4_LowRes.pdf}} UBank operates under NAB's banking licence and participates in the Australian government's deposit guarantee scheme.{{cite web|url=https://www.ubank.com.au/home-loans/why-choose-us|title=Who we are|publisher=UBank}}

Deposits were said to exceed over $500 million in one month.{{cite web|publisher=The Sheet|date=4 November 2008|access-date=22 June 2009|url=http://www.thesheet.com.au/index.php?keyword=ubank&quicksearch=Search&sub_search=9|archive-url=https://archive.today/20120630094058/http://www.thesheet.com.au/index.php?keyword=ubank&quicksearch=Search&sub_search=9|url-status=dead|archive-date=30 June 2012|title=Ubank collects $500 m in first month}}{{cite web|publisher=NAB|url=http://www.nabgroup.com/vgnmedia/downld/20081117_AusRegionMarketUpdateASX&Presentation.pdf|title=NAB Australian Region market update|date=17 November 2008}} NAB claimed Ubank's "customer advocacy and satisfaction levels" to be "among the highest of any institution in Australia"{{cite web|url=http://www.nab.com.au/wps/wcm/connect/nab/nab/home/about_us/8/5/14/ubank+fact+sheet|publisher=National Australia Bank|title=Ubank Fact Sheet|date=30 June 2009|access-date=14 February 2016|archive-url=https://web.archive.org/web/20120705143659/http://www.nab.com.au/wps/wcm/connect/nab/nab/home/about_us/8/5/14/ubank+fact+sheet|archive-date=5 July 2012|url-status=dead|df=dmy-all}} In its 2009 annual report, NAB claimed "almost 10,000 new customers in a month" for UBank's USaver product.{{cite web|url=http://annualreports.nabgroup.com.au/sr/retail-banking|publisher=NAB|title=2009 Annual Report|date=1 November 2009}}{{Dead link|date=May 2019 |bot=InternetArchiveBot |fix-attempted=yes }}

NAB's UBank has been compared to Qantas' Jetstar in terms of a strategy of internal innovation with the objective of opening new market segments for the parent company.{{cite web|url=http://www.businessspectator.com.au/bs.nsf/article/can-nabs-ubank-emulate-jetsar-pd20091207-ygv27?opendocument&src=blb&is=financial%20services&blog=on%20credit|work=Business Spectator|title=Can NAB's Ubank emulate Jetstar?|date=7 December 2009}}

In October 2012, in a media interview about NAB's results briefing, CEO Cameron Clyne claimed that UBank had "raised $15–16 billion in deposits".{{cite web|url=http://www.businessspectator.com.au/bs.nsf/Article/NAB-Cameron-Clyne-Clydesdale-pd20121031-ZL8QM?opendocument&src=rss |title=KGB: NAB's Cameron Clyne |publisher=Business Spectator |date=1 November 2012 |access-date=14 July 2013}}

As of October 2015, UBank had $15.7 billion of customer deposits and $3.6b of mortgages.{{cite web|url=http://www.nab.com.au/about-us/shareholder-centre/financial-disclosuresandreporting/financial-results|publisher=nab.com.au|title=Financial results - NAB|access-date=26 September 2016}}

In March 2020, Philippa Watson was appointed CEO of UBank.{{Cite web|url=https://www.ubank.com.au/meet-the-team/articles/2020/06/philippa-watson|title = Philippa Watson, CEO}}

As of July 2023, UBank reported $17b deposits and 700,000 customers.{{Cite web |title=Ubank: growing with the digital generation |url=https://news.nab.com.au/news/ubank-growing-with-the-digital-generation/ |access-date=2024-06-07 |website=NAB News |language=en-AU}}

A neobank{{Cite web|last=Kane|first=Annie|date=2021-05-31|title=86 400 launches direct offering|url=https://www.theadviser.com.au/breaking-news/41626-86-400-launches-direct-offering|access-date=2021-11-01|website=www.theadviser.com.au|language=en}} founded by Anthony Thomson{{Cite news|last=Griffiths|first=Katherine|title=Bank pioneer Anthony Thomson to lead 'buy now, pay later' firm Zip|language=en|url=https://www.thetimes.com/business-money/economics/article/bank-pioneer-anthony-thomson-to-lead-credit-firm-zip-n8tpf0mdv|access-date=2021-11-01|issn=0140-0460|date=2021-10-11|newspaper=The Times}} and Robert Bell{{Cite web|title=Update: At 86 400, founder Robert Bell stepping down, Philippa Watson steps up|url=https://www.itnews.com.au/digitalnation/digitalnation/news/update-at-86-400-founder-robert-bell-stepping-down-philippa-watson-steps-up-571116|access-date=2021-11-03|website=Digital Nation|date=12 October 2021|first=Andrew|last=Birmingham}} and majority owned by payments company Cuscal,{{Cite web|last=Yeates|first=Clancy|date=2018-06-27|title=Seconds out: new 'challenger' 86,400 bank targets big four's turf|url=https://www.smh.com.au/business/banking-and-finance/seconds-out-new-challenger-86-400-bank-targets-big-four-s-turf-20180627-p4znzj.html|access-date=2021-11-04|website=The Sydney Morning Herald|language=en}}{{Cite web|last=Pike|first=Rebecca|title=New bank launched in Sydney|url=https://www.brokernews.com.au/news/breaking-news/new-bank-launched-in-sydney-251685.aspx|access-date=2021-11-04|website=www.brokernews.com.au}}:86 400 gained a licence to operate as an authorised deposit-taking institution in 2019.{{Cite news|date=2019-07-18|title=Australia just got a new digital bank called 86 400 and its chair has a history of taking on the big end of town|url=https://www.businessinsider.com.au/86400-australia-new-digital-bank-2019-7|access-date=2021-11-04|website=Business Insider Australia|language=en-AU|first=Jack|last=Derwin|archive-url=https://web.archive.org/web/20200129152026/https://www.businessinsider.com.au/86400-australia-new-digital-bank-2019-7|archive-date=2020-01-29}} In January 2021, NAB announced plans to acquire it for $220 million and merge it with UBank.{{Cite web|last=Crozier|first=Ry|date=29 January 2021|title=NAB to buy out neobank 86 400|url=https://www.itnews.com.au/news/nab-to-buy-out-neobank-86-400-560381|url-status=live|archive-url=https://web.archive.org/web/20210129021939/https://www.itnews.com.au/news/nab-to-buy-out-neobank-86-400-560381|archive-date=29 January 2021|access-date=1 February 2021|website=iTnews}}

This was approved by the regulator despite concerns about reducing competition.'Evans and Partners analyst Matthew Wilson said it was unlikely 86 400 would have been a vigorous competitor to NAB, but suggested it may have addressed “the excess profits” in retail banking'{{Cite web|last=Yeates|first=Clancy|date=2021-01-28|title=NAB chases younger clients in 86 400 buyout|url=https://www.smh.com.au/business/companies/nab-buys-neobank-86-400-in-220m-deal-20210129-p56xq5.html|access-date=2021-11-16|website=The Sydney Morning Herald|language=en}}

The transaction was completed in May 2021, with the 86 400 brand terminated a year later and incorporated into the Ubank branding.{{Cite web|date=17 May 2022|title=Customers app-laud new ubank digital look and feel|url=https://www.ubank.com.au/newsroom/customers-app-laud-new-ubank-digital-look-and-feel}}

By February 2023, however, the acquisition had drawn criticism from some customers who faced issues such as being locked out of their accounts and :86 400 staff, who criticised the company's direction.{{Cite web |last=Koob |first=Simone Fox |date=2023-02-10 |title='Incredibly frustrating': How a neobank merger caused headaches for ubank |url=https://www.smh.com.au/business/banking-and-finance/how-a-neobank-merger-caused-headaches-for-ubank-20230131-p5cgw1.html |access-date=2024-06-07 |website=The Sydney Morning Herald |language=en}}

UBank allows applicants to apply online or over the phone for a Term Deposit and deposit their money straight away using BPAY. This was a first for the Australian marketplace at that time.{{cite web|url=http://www.thebankchannel.com/2008/09/nab-launches-ubank.html |title=The Bank Channel: NAB launches Ubank |work=The Bank Channel |date=30 September 2008 |access-date=29 October 2008}}

In August 2009, UBank launched a new online savings account ("USaver") that was reported to differentiate through its online application process.{{cite web|url=http://www.itwire.com/content/view/26780/1231/|publisher=IT Wire|title=NAB pioneers 'five-minute' online bank account|date=6 August 2009|access-date=14 February 2016|archive-url=https://web.archive.org/web/20090809144011/http://www.itwire.com/content/view/26780/1231|archive-date=9 August 2009|url-status=dead|df=dmy-all}}{{cite web|url=http://nab.com.au/wps/wcm/connect/nab/nab/home/about_us/8/5/14/ubank+launches+on-line+savings+account+with+unbeaten+interest+rate|publisher=NAB|title=Ubank launches online savings account with unbeaten interest rate|date=6 August 2009|access-date=14 February 2016|archive-url=https://web.archive.org/web/20120722041844/http://www.nab.com.au/wps/wcm/connect/nab/nab/home/about_us/8/5/14/ubank+launches+on-line+savings+account+with+unbeaten+interest+rate|archive-date=22 July 2012|url-status=dead|df=dmy-all}}

In February 2011, UBank launched its first home loan product (dubbed "UHomeloan").{{cite web|last=Taylor |first=Peter |url=http://www.heraldsun.com.au/business/nab-fires-new-weapon-in-bank-wars/story-e6frfh4f-1226010333567 |title=NAB fires new weapon in bank wars |publisher=Herald Sun |date=23 February 2011 |access-date=17 November 2011}}

In August 2013, UBank launched USaver Ultra transaction account.{{Cite web|url=https://www.ubank.com.au/ubank/faces/money-box/money-news?_afrLoop=9212069886650887&_afrWindowMode=0&_afrWindowId=null#!%40%40%3F_afrWindowId%3Dnull%26_afrLoop%3D9212069886650887%26_afrWindowMode%3D0%26_adf.ctrl-state%3D8pyci3ema_21|title = UBank news}}{{Cite web | url=http://www.abandf.com.au/technology/ubank-targets-deposits-with-new-account/ | title=UBank targets deposits with new account | archive-url=https://web.archive.org/web/20171201032326/http://www.abandf.com.au/technology/ubank-targets-deposits-with-new-account/ | archive-date=2017-12-01}}

In August 2020, UBank ceased offering new accounts and term deposits to Self Managed Superannuation Fund (SMSF).{{Cite web|url=https://www.productreview.com.au/listings/ubank-usaver-smsf|title=UBank USave SMSF reviews | ProductReview.com.au}}{{Cite web|url=https://www.ubank.com.au/|title=Online Bank | Bank Accounts & Home Loans - ubank|website=www.ubank.com.au}} During July 2022, UBank began terminating existing SMSF accounts, with an offer to transfer funds to existing NAB products.{{Cite web|url=https://www.nab.com.au/personal/bank-accounts/savings-accounts/ubank-usaver-smsf-nab-cash-manager-rate?own_cid=shortURL:ubanktransfer|title=NAB Cash Manager Account special interest rate|website=www.nab.com.au}}

• In December 2009, UBank's USaver online savings account was awarded Money Magazine's "Best of the Best" award.{{cite web|url=http://aca.ninemsn.com.au/article.aspx?id=978355|publisher=A Current Affair, Channel 9|title=Best of the Best: 2010 Survival Guide|date=1 December 2009|access-date=14 February 2016|archive-url=https://web.archive.org/web/20160222105541/http://aca.ninemsn.com.au/article.aspx?id=978355|archive-date=22 February 2016|url-status=dead|df=dmy-all}}
• In October 2011 UBank won the BAI Financial Global Product Innovation Award for its refinance mortgage UHomeloan.{{Cite web|url=https://www.bai.org/banking-strategies/gbia2011-innovating-for-customers/|title=Innovating for Customers|website=BAI}}
• In the 2012 Australian Lending Awards UBank was named Best Online Operator{{cite web|url=http://australianlendingawards.com.au/award-winners |title=Award Winners |publisher=Australian Lending Awards |access-date=14 July 2013}}
• November 2012 UBank's [https://web.archive.org/web/20171126021217/http://peoplelikeu.com.au/ people like you] app wins best in show at Finovate Asia {{Cite web|url=http://finovate.com/category/ubank/|title = UBank Archives| date=27 March 2019 }}
• 2013 AFR Smart Investor Blue Ribbon Direct Institution of the Year {{Cite web |url=http://www.afr.com/it-pro/blue-ribbon-awards-the-winners-20130822-k0id1 |title=Blue Ribbon Awards: The winners |access-date=27 November 2017 |archive-date=1 December 2017 |archive-url=https://web.archive.org/web/20171201030447/http://www.afr.com/it-pro/blue-ribbon-awards-the-winners-20130822-k0id1 |url-status=dead }}

File:UBank logo enwiki.jpg

UBank was cited as an example of effective use of nontraditional marketing such as social media,{{cite news|date=23 April 2009|title=NAB goes online to reach people allergic to banks|work=Sydney Morning Herald|url=http://business.smh.com.au/business/nab-goes-online-to-reach-people-allergic-to-banks-20090422-aff4.html}} but also uses traditional marketing such as print{{cite web|date=20 September 2009|title=See more executions from Ubank's USaver press campaign.|url=http://www.thenewspaperworks.com.au/go/news/more-ubank-press-ads/daf9931e-5056-887e-a6cdf594b5869732|publisher=Newspaper works}} and television.

UBank's first TV Commercial was launched in 2009, and positioned its savings account using the tagline "Saving is the new spending", attempting to capture the spirit of the 2008 financial crisis at the time.{{cite web|url=https://www.youtube.com/watch?v=MrFOOExbI4I|publisher=m.youtube.com|title=UBank USaver Savings is the new spending - YouTube|date=16 February 2012 |access-date=26 September 2016}}

UBank also launched a series of YouTube videos called Ubank Moneybox, meant to educate and entertain.{{cite web|url=https://www.slideshare.net/mobile/gschenkel/direct-banking-strategy-gerd-schenkel-shared|publisher=slideshare.net|title=Direct Banking Strategy Gerd Schenkel|date=25 January 2010|access-date=26 September 2016}}

In February 2016 Ubank launched a new visual identity, designed to reposition the bank as a "utility".{{cite web|url=https://www.marketingmag.com.au/news-c/rebrand-positions-ubank-utilitarian-choice/|publisher=marketingmag.com.au|title=Rebrand positions Ubank as the utilitarian choice | Marketing Magazine|date=2 February 2016 |access-date=26 September 2016}}

In 2019, UBank introduced a digital assistant named Mia, who aimed at helping home buyers apply for their home loans. According to UBank, Mia is the "latest tech innovation, designed to answer any burning questions you have about your home loan application. Short for ‘My Interactive Agent’, Mia helps simplify your experience by giving on-the-spot answers to a huge range of the most commonly asked questions during the home loan application."{{cite web|url=https://www.ubank.com.au/newsfeed/articles/2019/02/introducing-mia|publisher=ubank.com.au|title=Introducing Mia: A new face in the home loan space|access-date=11 February 2019}}

In May 2022, UBank rebranded their logo to incorporate the style of the acquired :86 400 branding to reflect the merged entity.

In 2016, UBank launched a controversial advertising campaign using terminally ill people which garnered many complaints.{{Cite web|url=http://www.adnews.com.au/ubank-faces-ad-ban|title = Ubank faces ad ban after complaints issued to watchdog - AdNews}}

The company defended the campaign as being "disruptive".{{Cite web|url=http://www.adnews.com.au/news/ubank-cmo-stands-by-campaign-we-need-it-to-be-disruptive|title = UBank CMO stands by campaign – 'We need it to be disruptive' – AdNews}}

In 2022, a customer reported the bank to the Australian Financial Complaints Authority that they had not been able to access their account. In response, the bank sent a letter to a customer offering $100 compensation for their issues. However, according to the letter, the compensation was offered on the condition that they ceased taking further action against the bank and kept the agreement confidential.{{Cite web |last=Koob |first=Simone Fox |date=2023-01-09 |title=Ubank offers customer $100 compensation - with a catch |url=https://www.theage.com.au/business/banking-and-finance/ubank-offers-customer-100-compensation-with-a-catch-20230109-p5cb6f.html |access-date=2023-01-09 |website=The Age |language=en}} This comes only a few months after multiple customers had money drained from their accounts.{{Cite web |last=Sharples |first=Sarah |date=2022-12-21 |title=Melbourne man's 'traumatising' experience as $20,000 drained from Ubank account |url=https://www.news.com.au/finance/business/banking/melbourne-mans-traumatising-experience-as-20000-drained-from-ubank-account/news-story/60bf788b546a9e03dab1ea2e0a2e628a |website=News.com.au}}{{Cite news |last=Sharples |first=Sarah |date=2022-12-05 |title=Western Australian man's $580k live savings disappears from Ubank account |work=News.com.au |url=https://www.news.com.au/finance/business/banking/western-australian-mans-580k-live-savings-disappear-from-ubank-account/news-story/d4ba3f60cf0ebbdecdd1f2ed88188afd |access-date=2023-01-09}}

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