UBank unveils ‘new look’ app following 86 400 merger

Ubank app

NAB-owned UBank has announced the launch of its new, money management-focused app, following its merger with fellow digital-only bank 86 400.

In a statement, the subtly rebranded neobank (now known as ‘ubank’), said its new app combines the “established customer base and name (UBank) with the visual identity, technology, and innovation capability of 86 400”.

ubank billed its re-launched app as a “money app first and a bank second”.

Among the smart account features within the app include savings targets and bonus interest nudges, automated bill, subscription and recurring payments predictions, real-time insights and a “digital home loan experience”.

Through the app, ubank customers will also be able to integrate transaction data from more than 140 financial institutions.

“We know our customers regularly use a dozen or more apps per day, and they expect their banking experience to be as easy, helpful and enjoyable as every one of those apps,” said Ubank chief executive Philippa Watson. “We also know our customers are thinking about their money more than ever.”

Existing customers are expected to be gradually introduced to the re-branded ubank offering, being migrated to the new system, with refreshed branding, over the next six months.

86 400 was acquired by NAB from payments giant Cuscal last May for $220 million, with NAB’s dedicated digital-only arm fully leveraging 86 400’s technology platform and innovation capability.

The cloud-native bank, which is heavily dependent on connective APIs, is backed by Data Action’s core banking system, as well as its proprietary CX Engine, which it says has enabled greater personalisation of services.

Leadership continuity

ubank has also confirmed key roles in its executive leadership team, with Brian Parker, 86 400’s chief information officer of the last four years, to serve as ubank CIO.

As CIO, Parker will continue to “oversee the management and implementation of technology processes at ubank”, the neobank said.

“He brings more than 20 years of experience, previously working at large enterprises such as Cuscal, Espreon Limited, and ING Direct Australia.”

Meanwhile, UBank transplant Kanishka Raja will continue to lead ubank’s lending division as chief product officer, responsible for the end-to-end home ownership needs of its customers.

Dom Savage, who joined UBank from NAB in February this year, will continue as chief risk officer of the newly merged neobank.

Andrew Morrison will also maintain his role as chief growth and product officer, with Morrison playing a key part in the integration between the neobanks.

Matt Borg, ubank’s chief financial officer, and previously GM of group development (M&A) at NAB for more than eight years, will continue lending his support to the neobank’s merger. Borg also steps in for 86 400 CFO Belinda Hogan who is currently on extended leave.

Ray Jokhan, who served three years as treasurer of 86 400, was appointed chief commercial officer for ubank in December 2021.

Finally, Nicole Thompson steps in as ubank’s chief people officer. Thompson more recently served as consultant at Cannon-Brookes Collective, Skip Capital and as head of people and culture at uno Home Loans.

Thompson will be tasked with overseeing human resources and employee communications, as well as the neobank’s environmental, social and governance strategy.

“Our team has an incredible combination of banking and technology leaders and I’m looking forward to seeing this team continue to bring innovative technology and money solutions to customers,” chief executive Watson said.