Cloud-hosted bank, Up, launched with a bang in Sydney yesterday following a two-month trial which has seen users sing the praises of the new banking alternative.
The next gen digital bank boasts real time transaction details. offers no-fee banking services and aims to simplify the way people interact with their bank.
Up co-founder Dom Pym says Up will offer its customers a slate of never before seen features in the personal banking sphere.
“There’s been a lot of chatter about new-age banking alternatives arriving on the market. But the team has just been focused on actually getting one live. Up exists to simplify peoples’ lives and help them to create financial freedom through technology, innovation and creativity. We are immensely proud of the enhanced customer experience that will help people spend wisely and save effortlessly,” says Pym.
Amongst the bank’s features at launch were the ability to get full clarity on a user’s spending habits by providing details of every purchase, including time of day, clear merchant ID and location, automated weekly spend tracking and spending analysis – allowing you to see how much you spend at a retailer over time.
Other features include a bill predictor to assist the user to pay on time every time and automatic reporting of your budget.
Up also supports saving round-ups on purchases and allows you to open multiple high interest saver accounts with no monthly transaction fees or minimum deposit. The bank makes digital payments super easy, with the Apple Pay already supported and Google Pay to follow in the coming weeks. Wearable devices such as Fitbit are also supported for those that like to Tap n Go.
Pym says more features will follow in the future.
“We like to dream big and then walk the talk. We’ll keep working at a fierce pace to add new and exciting features at a consistent rate. We’ve been averaging about five deployments per day, which is unusual for a bank, to say the least, and we’ll continue to do so.”
Rather than apply for a restricted banking licence, Up has opted to partner with Bendigo and Adelaide Bank. Pym says the partnership has allowed them to offer consumers a completely new way of managing their money well ahead of other ‘non-bank’ fintechs.
“The alternative would have been to apply for a restricted banking license and be in the same boat as all other upcoming digital banks – unable to launch in any meaningful way until at least 2019.”
The other Co-Founder of Up is former AFL coach of St Kilda and media personality, Grant ‘Thomo’ Thomas, who suggests consumers signing up to Up will immediately notice a difference in the bank’s onboarding experience which takes a matter of minutes.
“In order to deliver a completely different banking experience, we needed to approach this with a completely different cultural play to the industry. And this tech-led team is the perfect nucleus for this new banking community. From the moment you register your interest on the Up app, you’ll enjoy a vastly different customer experience,” says Thomas.