ubank, an Australian direct bank owned by National Australia Bank (NAB), today unveiled a new look following its absorption of neobank 86,400.
The merger comes after ubank announced plans to acquire 86,400 in January 2021 for $220 million, with regulatory approvals received nearly a year ago to the day.
ubank’s new logo may bring a touch of nostalgia for those familiar with the sans serif simplicity of the 86400. But the identity isn’t the only 86400 piece that ubank has adopted.
According to a 2021 NAB press release, they planned to use the 86,400 acquisition to “accelerate the growth of its digital bank, ubank, by combining ubank’s established customer base and name with the technology and capability of innovation of 86,400”.
ubank will take over 86,400 products, including bank accounts, term deposits, savings accounts and home loans.
For those with existing ubank products like USave and USpend accounts, and UHomeLoans, ubank’s online banking portal and ubank app will still be available and work much the same, depending on their website.
ubank will continue to operate as a digital bank, meaning it will not have physical branches or ATMs. Instead, they focus on providing customers with “a whole bank in their mobile.”
This circumvents some of the hurdles that typically accompany bank mergers — like branch closures or ATM availability issues — which should be good news for customers of both financial institutions.
With their rebranding also comes a new app – an updated version of the original 86,400 app with the new color scheme and ubank name.
ubank touts a two-minute in-app sign-up time for its Spend and Save accounts, access to payment features on a range of smart devices (like Fitbit Pay and Apple Pay), shared accounts with your partner , banking information, information connected accounts of other financial institutions, among other features integrated into the application.
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