ubank

Office address: 395 Bourke Street Melbourne, VIC 3000
Website: www.ubank.com.au
Year established: 2008
Company type: financial services
Employees: 500+
Expertise: banking, financial services, home loans, investments, refinance
Parent company: National Australia Bank
CEO and key people: Philippa Watson, CEO
Financing status: formerly VC-backed 

ubank is an Australian digital banking company that caters primarily to tech-savvy customers. Operating under National Australia Bank, ubank has over 700,000 members across the country and provides a blend of online products and services. It also offers convenient mobile transactions and no monthly fees.

History of ubank

ubank, formerly known as NAB Mobile Banking, was founded as a division of National Australia Bank in 2008. In 2022, they partnered with 86 400 to improve their smart banking platform. Along with the growth of the tech industry and internet users, the digital bank wanted to simplify banking through technology.

Today, ubank has reached $17 billion in deposits and has won multiple awards, including the Fintech Lender of the Year 2023 at the Australian Mortgage Awards. 

Products and Services of ubank

ubank offers a range of digital solutions to meet the needs of its customers. Their product suite includes:

• banking app: a central hub for customers to manage their finances, offering visibility across accounts and spending
• spend account: facilitates easy management of day-to-day expenses without transaction fees
• bills account: a dedicated account for managing bills, also usable as an offset account on ubank home loans
• save account: offers an attractive bonus interest rate, encouraging customers to save effectively
• home loans: offers competitive rates on home loans, with features designed to accelerate repayment and provide flexibility to borrowers

Culture at ubank

ubank's culture focuses on forward-thinking and customer focused approach, appealing to the younger generation and those who prefer the convenience of online banking. With approximately 55% of new customers falling within the 18-35 age bracket, the company also enjoys a workplace suited for a younger demographic.  

The company’s team brings in an inclusive work environment that promotes diversity. They align their work culture with these 5 values:

• delighting the customers
• being agile and brave
• valuing each other
• being frank and authentic
• showing up

About ubank CEO Philippa Watson

Philippa Watson was named ubank’s CEO in 2020. Watson works to align the bank's digital-first strategy, bringing her expertise in digital banking, technology, AI, customer service, and strategy. She has worked for companies such as Lifeline Australia, NAB Ventures, Commonwealth Bank, and Accenture.

Watson holds a bachelor’s in Law and Arts from the University of Sydney. She also attended Harvard Business School, taking the General Management Program.

The Future at ubank

ubank continues to serve Australians with their technological and customer service capabilities. The company has introduced new app functionalities that address common financial challenges faced by Australians. ubank's commitment to innovation and customer satisfaction, along with their recent strategic deals with other companies, will secure more possibilities in the future.