Smart bank 86 400 will now be known as ubank, following its merger with Australia’s first digital bank. The partnership means more than 8,000 brokers will have access to the banks’ products.
NAB acquired 86 400 last year and the major bank always intended to combine the operations of 86 400 with its own digital bank, Ubank.
That merger has now occurred and the two digital banks’ teams have now been combined under a single brand – ubank.
Leveraging an established customer base and the name ubank with the visual identity, technology, and innovation capability of 86 400, ubank has unveiled a digital home loan experience designed to help customers get ahead.
ubank says it is digitising the entire brokerage process and enabling faster approval times to give Australians the confidence they need to make one of the biggest purchase decisions of their lives.
ubank chief product officer, lending, Kanishka Raja (pictured above) said building a compelling digital-only option for customers was essential to helping the next generation of homebuyers.
“By bringing together the best of what customers and brokers have come to love with 86 400 and combining it with ubank’s established name, customer base and scale, we’re able to deliver a best-in-class digital experience to more than 8,000 brokers who are currently using the platform,” Raja said.
“We’ve created a digital experience that works for the broker, and we will continue to invest in the right people and technology to keep taking our home lending experience to the next level.”
Thinking of itself as a money app first and a bank second, Raja said ubank will provide automatic real income analysis and day-to-day expenses so customers can make an informed decision on how much they can borrow and afford in repayments.
ubank head of broker distribution George Srbinovski (pictured) said its elevated digital experience allowed for an efficient home loan experience and it was a very exciting proposition for customers and brokers alike.
“We look forward to getting in front of brokers, introducing them to the new ubank and welcoming even more of them to our network as we continue to invest to grow,” Srbinovski said.
From today, existing 86 400 brokers and customers will see the new ubank name, a refreshed and rebranded website, a new app to download in the app store, and a new ubank card in their digital wallet.
ubank customers will experience a more gradual introduction to the new brand experience and will be migrated to the new technology and refreshed brand over the course of the next six months.
