ubank takes over the reins of neobank 86,400, reveals a new look and products

ubank, an Australian direct bank owned by National Australia Bank (NAB), has unveiled a new perspective today following the absorption of neobank 86,400.

The merger came after the UB announced its intention to acquire 86,400 in January 2021 for $ 220 million, with regulatory approvals received almost a year ago to date.

The new logo of ubank can carry a note of nostalgia for those who know the simplicity of 86,400 sans-serif. But identity is not the only part of the 86,400 that the ubank has embraced.

According to a 2021 NAB press release, they planned to use the 86,400 acquisition to “accelerate the growth of their digital bank, ubank, by combining uBank’s established customer base and name with the technology and innovation capacity of 86,400.”

ubank will take over 86,400 products, including bank accounts, term deposits, savings accounts and housing loans.

For those with existing non-banking products such as USave and USpend and UHomeLoans accounts, the ubank online banking portal and the ubank app will continue to be available and will function in a similar manner as per their website.

ubank will continue to operate as a digital bank, which means it will have no physical branches or ATMs. Instead, they focus on providing customers with “the entire bank on a mobile phone.”

This avoids some of the obstacles that usually accompany bank mergers – such as branch closings or problems with the availability of ATMs – which should be good news for customers of both financial institutions.

Along with the rebranding, a new application also appeared – an updated version of the original 86 400 application with a new color scheme and the name of ubank.

ubank advertises in the app, two-minute registration time for your Spend and Save accounts, access to payment features on multiple smart devices (such as Fitbit Pay and Apple Pay), shared accounts with a partner, banking statistics, account connectivity with other financial institutions, among others functions in the app.

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