Competitor Profile: UBank

Summary

UBank is a digital-only bank that is a wholly owned but separately operated division of National Australia Bank. Founded by Gerd Schenkel in 2007, UBank has recently seen more than 10,000 new customers joining per month, growing 40% in the two years to September 2019. The bank has an app, though some features are not available on Android, while it also has a website and a seven-day telephone service.

UBank also claims that its customer advocacy levels are the highest of any financial institution in Australia and in 2019 won Mozo’s Savings Bank of the Year award for the second time in a row. UBank is a balance sheet bank, offering transaction and savings accounts and home loans. The bank is only available in Australia with no plans to extend its geographical reach.

This report provides information and insights on UBank, including comprehensive coverage of its products and services, a comparative assessment with key competitors, and a breakdown of its most important events and milestones.

Scope

• UBank has introduced a number of innovative features to the Australian market, including sweep technology, which can automatically move money into savings, and a face-to-face chatbot that answers questions about home loans.
• Additionally, the bank supports Free2Spend, a budgeting and auto-saving tool that uses income and expenses data as well as savings goals to calculate a dynamic daily spend allowance.

Reasons to buy

• Gain insight into UBank’s business operations and key events.
• Explore its product portfolio and open banking model.
• Assess the competitive dynamics in the retail banking industry by comparing UBank’s performance against competitors.