Watson said bringing together 86 400’s technology platform and NAB's expertise has created a digital bank capable of attracting and retaining customers effectively and efficiently.
Watson candidly discussed the hurdles faced during the merger, emphasising that execution was far more challenging than the decision itself.
“Deciding was the easy part – the harder part is executing the integration,” she said in a media release, detailing the eight-month period of operating dual banking systems and the relentless change involved.
Joining in 2020, Watson spearheaded a significant refresh of ubank, which was established in 2008, aligning it with modern customer needs and setting the stage for the acquisition of 86 400.
After finalising the acquisition in May 2021, Watson shifted her attention to discontinuing the 86 400 banking license, transitioning customers to the updated technology platform, and rejuvenating the brand.
The strategic move facilitated the modernisation of ubank’s legacy systems, catering especially to Gen Z’s preferences.
“For a period of about eight months we were effectively running two banks,” Watson said. “Integration is never seamless and it’s a time of relentless change.”
Despite the complexities of customer migration, Watson’s leadership focused on minimising disruption and maintaining value for ubank’s clientele. This approach has contributed to ubank’s growth in deposits, home lending, and a high rating in customer satisfaction.
ubank’s commitment remains firm on offering digital, simple, and valuable banking solutions, particularly targeting 18- to 35-year-olds.
“We’re on a mission to empower this generation to make informed financial decisions,” Watson said, highlighting innovative engagement strategies, including successful TikTok campaigns.
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Watson takes pride in ubank’s culture of innovation and responsiveness to customer feedback.
“ubank’s product and engineering teams are really focused on what customers are saying particularly via iOS and Android app store reviews,” she said. “It’s this proximity that has been great for fast responses to customer feedback and ensuring continuous improvement in our service delivery.”
Over the last six months, numerous improvements have been introduced, such as new financial management tools and faster home loan approval processes, significantly enhancing customer experience.
Addressing gender diversity, Watson acknowledged the progress made and the ongoing effort to attract female talent in technology roles within ubank.
“One of the things we are focusing on is how we attract more female engineering talent,” she said, underscoring the importance of diversity in building a capable and focused workforce.
With a vision firmly set on enhancing the banking experience for the digital generation, Watson is optimistic about ubank’s future.
“I’m incredibly proud of what the team has achieved to-date… We’re excited for the future,” she said.
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