- UBank
Infobox_Company
company_name = UBank - Backed by NAB.
company_
company_type =A division of National Australia Bank (asx|NAB)
company_slogan =A Good Place for Money
foundation =1 October 2008
location = flagicon|AustraliaSydney ,Australia
industry =Financial services
products = Banking, financial and related services
homepage = [http://www.ubank.com.au UBank.com.au]
UBank is a division of National Australia Bank (NAB), the largest financial institution and bank in Australia in terms of market capitalisation and customers. NAB is one of the world's top 30 financial services companies with total assets of A$457 billion as at 30 September 2006. It operates across 10 countries serving 6 million banking customers and over 2.3 million wealth management customers. [http://www.nabcapital.com/aboutus/aboutus.aspx nabCapital About Us (05 February 2008)]
Launch
UBank was launched on 1 October 2008 by National Australia Bank. The purpose of UBank is to establish a presence in the "self directed" customer segment for the company. [cite web|title=NAB press release|publisher=NAB|url=http://www.nab.com.au/About_Us/0,,96107,00.html]
At launch, UBank promoted a special introductory rate of 8.5% p.a. [cite web|title=Ubank opening offer|publisher=UBank|url=http://www.ubank.com.au/home/index.html]
Whilst UBank does not publish these figures, it has been said that UBank vastly overachieved its sales target at launch.
Product Range
UBank currently offers 3,6,9 and 12 month term deposits. UBank term deposits are the only ones in Australia with a roll-over bonus for existing customers. [cite web|title=The Age article|publisher=The Age newspaper|url=http://news.theage.com.au/business/nabs-ubank-targets-self-serve-customers-20081001-4rwm.html] The company is planning to add additional products over time.
Business model
UBank is run separately from its parent
National Australia Bank . It has a separate culture and separate operations.UBank offers 24/7 Australia-based call centre (13 30 80) and a website (www.ubank.com.au). [cite web|title=The Money Web|publisher=The Money Web|url=http://www.themoneyweb.com.au/banking/saving-accounts/ubank-launch-with-term-deposit.html] .Marketing
The company slogan is "A good place for money" and its self described mission is to "Help our customers make the most of their money, easily". [cite web|title=Facebook Page|publisher=Facebook|url=http://www.new.facebook.com/pages/UBank-Backed-by-NAB-High-interest-Term-Deposits/27391999053]
Safety & security of UBank deposits
Although its products operate "standalone" from NAB's retail bank, UBank is a division of NAB. UBank was developed by NAB as a new offer. UBank operates under NAB's banking license and risk management frameworks. UBank deposits sit on NAB's balance sheet. Therefore, UBank customers are afforded the same depositor protection as other NAB customers.
UBanks technology and systems are operated by NAB's technology team on NAB's technology platform. Therefore UBank systems are as safe as NAB's systems. UBank's website is fully fire-walled and physically separate from its customer databases and product systems. UBank operates redundant system in order to mimimise any disruptions experienced by customers.
Customer centricity
UBank allows applicants (both new and existing) to apply online or over the phone for a Term Deposit and deposit their money straight away using BPAY. This is a first for the Australian marketplace. [cite web|title=NAB Launches UBank|publisher=The Bank Channel|url=http://www.thebankchannel.com/2008/09/nab-launches-ubank.html]
Competitors
UBank is pitched against other direct banks such as
ING Direct ,Rabo Plus , andMacquarie Bank .Team
UBank has been established afresh with people from various direct banks, including Egg Bank and
Virgin Money .The team is lead by its General Manager, Gerd Schenkel. [cite web|title=Executive Interview|publisher=East&Partners|url=http://www.east.com.au/bankingnews.asp?id=1601] [cite web|title=Gerd Schenkel - Linkedin Profile|publisher=Linkedin|url=http://www.linkedin.com/in/gerdschenkel] . The UBank Direct Banking Centre is run by Rich Rose [cite web|title=Rich Rose - Linkedin Profile|publisher=Linkedin|url=http://www.linkedin.com/pub/2/219/406] and website is run by Monty Hamilton [cite web|title=Monty Hamilton - Linkedin Profile|publisher=Linkedin|url=http://www.linkedin.com/in/mhamilton]References
External links
* [http://www.ubank.com.au/ UBank] - Official UBank homepage
* [http://www.nab.com.au/About_Us/0,,96107,00.html/ National Australia Bank]
* [http://www.news.com.au/heraldsun/story/0,21985,24430956-664,00.html Herald Sun article]
* [http://news.ninemsn.com.au/article.aspx?id=640070X NINEMSN article]
* [http://www.thebankchannel.com/2008/09/nab-launches-ubank.html NAB launches Ubank]
* [http://www.theaustralian.news.com.au/story/0,25197,24433000-20501,00.html NAB uses internet to boost deposit base]
* [http://www.topbargains.com.au/s/term-deposit-8-50-for-3-months-from-ubank-backed-by-nab-1 topbargains.com.au - UBank Term Deposit]
* [http://www.theaustralian.news.com.au/story/0,24897,24444074-643,00.html Investors' $30bn dash to safe cash]
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