UBank

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UBank
Division of National Australia Bank
Industry Financial services
Founded 1 October 2008
Headquarters Sydney, Australia
Products Banking, financial and related services
Website www.ubank.com.au

UBank is an Australian direct bank, that operates as a division of National Australia Bank (NAB). It was established in 2008, and provides savings products, home loans and term deposits.

UBank operates under NAB's banking license and risk management frameworks, uses its parent's technology and security infrastructure, and its deposits sit on NAB's balance sheet. UBank also participates in the Australian government's new deposit guarantee scheme. [1]

History

UBank was launched by National Australia Bank on 1 October 2008, with the purpose of establishing a presence in the "self directed" customer segment for the company.[2]

NAB stated it aimed to attract new retail customers while operating independently to its other retail brands,[3] and in its 2009 annual report, NAB claimed that this strategy had been "successful".[4] UBank operates under NAB's banking licence and participates in the Australian government's new deposit guarantee scheme.[5] Deposits were said to exceed over $500 million in one month.[6][7]

UBank was cited as an example of effective use of nontraditional marketing such as social media,[8] but also uses traditional marketing such as print[9] and television.

NAB claimed UBank's "customer advocacy and satisfaction levels" to be "amongst the highest of any institution in Australia"[10] In its 2009 annual report, NAB claimed "almost 10,000 new customers in a month" for UBank's USaver product.[11] UBank has been acknowledged as the driver of NAB's fast growth in deposit market share compared to other major banks.[12][13]

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.[14]

In February 2010, NAB stated that strong growth in UBank had positively impacted its household deposits.[15]

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".[16] This compares to $18.5 billion in deposits held by ING Direct as of September 2012.[17]

As of October 2015, UBank had $15.7 billion of customer deposits and $3.6b of mortgages.[18]

Products

UBank allows applicants (both new and existing) to apply online or over the phone for a Term Deposit and deposit their money straight away using BPAY. This is a first for the Australian marketplace. [19]

In August 2009, UBank launched a new online savings account ("USaver") that was reported to differentiate through its online application process.[20][21]

In February 2011, UBank launched its first home loan product (dubbed "UHomeloan").[22] Only 10 days after its launch, UBank dropped the interest rate of its loan by 0.10%pa[23]

Awards

In December 2009, UBank's USaver online savings account was awarded Money Magazine's "Best of the Best" award.[24]

In October 2011 UBank won the BAI Financial Global Product Innovation Award for its refinance mortgage UHomeloan.[25]

In the 2012 Australian Lending Awards UBank was named Best Online Operator[26]

References

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  17. ↑ [1][dead link]
  18. ↑ http://www.nab.com.au/about-us/shareholder-centre/financial-disclosuresandreporting/financial-results
  19. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  20. ↑ Lua error in package.lua at line 80: module 'strict' not found.
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  25. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  26. ↑ Lua error in package.lua at line 80: module 'strict' not found.

External links


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