Ubank & 86 400 merger: Digital banks blend to become 'one team'

The merger of digital banks 86 400 and UBank is complete, creating a new-look brand. Here’s what it means for customers.

Big changes in the digital banking space have seen the digital-only bank brand 86 400 team up with National Australia Bank’s digital offshoot UBank, to become a new-look brand: ubank.

Ubank CEO Philippa Watson said the merger was designed to capitalise on the best aspects of both banks, creating “one team” and thinking of itself  “as a money app first and a bank second”.

“We’ve got leading technology from Australia’s first smart bank (86 400) paired perfectly with a brand that has been trusted by Australians for almost 15 years (UBank),” Ms Watson said.

What the merger means for:

• 86 400 customers: existing customers have already been transitioned to the newly merged brand. This includes:
  • a new bank name (ubank),
  • a refreshed and rebranded website (ubank.com.au),
  • a new app to download in the app store, and
  • a new ubank card in their digital wallet.
• Ubank customers: the transition will be staged over the next six months, and will include:
  • a new brand experience, including a bank name shift from UBank to ubank.
  • migration to the new technology.

Ms Watson said that ubank’s app would enable users to set savings targets and receive bonus interest nudges, as well as view real-time insights about their money by connecting accounts from other banking institutions.

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