Customers of National Australia Bank’s online-only subsidiary, UBank, can expect a departure from the 12-year-old legacy technology they’re used to, in favour of a banking experience that will look and feel a lot like 86 400. Customers of 86 400 will also be housed in the new bank.
UBank CEO Philippa Watson revealed the news to a room of fintech enthusiasts at the Intersekt conference in Melbourne last Thursday.
She said UBank customers would get access to all-new features like those currently available to 86 400 customers. Those would include 86 400’s ‘Connected Accounts’ feature – where transactors can view all their accounts from different banks within the mobile app – and its ‘Coming Up’ bill prediction feature, which anticipates a customer’s upcoming payments such as a phone or internet bill, including how much it will be, where it’s coming from and when it will be due.
86 400 CEO Robert Bell said his bank was set to launch a new feature in a matter of weeks, which would likely be available to customers of the new merged bank.
It is understood the new bank may continue using the well-known name of UBank, but would incorporate different branding such as the two vertical dots associated with 86 400.
The finer details of the merger follow the pair’s announcement in early May to the ASX that the Federal Court of Australia had officially approved NAB’s acquisition of 86 400 that had been announced in January.
The merger has been effective since 12 May, but NAB said earlier this month 86 400 and UBank would still operate as separate businesses for now, with no clear date announced for the launch of the new, combined bank.
I’m a UBank or 86 400 customer: Will my money be safe?
A NAB spokesperson said the new brand would operate under NAB’s banking licence, which means customers’ deposits of up to $250,000 would be guaranteed by the Australian Government under the Financial Claims Scheme. 86 400 would forfeit its banking licence under this arrangement.
Ms Watson said UBank hoped the merger would help enhance its customers’ banking experience, while Mr Bell said 86 400 was looking forward to using the big bank resources of NAB and UBank to reach many more people with its technology.