Digital-only banks, or neo banks, are transforming the financial landscape, with Up recently achieving a significant milestone by reaching one million customers. This innovative bank is resonating with Australians by offering attractive deals and tools aimed at fostering a healthier financial relationship.
Up primarily targets millennials, exemplified by customers like 23-year-old Matilda Christie, who appreciates the digital-first, highly personalised banking services. Christie notes that the bank’s relatable language and visuals make it more appealing, especially for younger generations.
Collaborating with Adelaide Bank and Bendigo Bank, Up is part of a growing cohort of neo banks challenging traditional banking models. As these digital banks continue to evolve, they are redefining customer engagement and expectations in the banking sector.