Digital bank Up has hit 100,000 customers since launching in October last year, the neobank attributes this growth to its quick sign up process and partnership with Apple Pay.
Up said this means it is one of the fastest growing digital banks in the world.
Anson Parker, head of product at Up said, “That we have achieved this in Australia — a far smaller market than either Europe or the US — is a testament to the traction we’ve had in a competitive market and the latent desire for a genuine innovator in banking.”
According to Parker, 42 per cent of their customers are millennials and 44 per cent are Gen Z.
The company is working on a few new features, as requested by its customers including bringing in future and repeating payments, as well as support for BPAY and joint accounts.
Parker said, “We’re also deeply invested in innovating new features to help people focus more on living and less on banking, while improving their financial literacy and wellbeing.”
One of the key areas of focus for Up according to Parker is to better connect customers to their spending.
The digital bank has given its customers a number of tools and insights to see where their money goes.
First is merchant ID, where users can clearly see where they’ve spent their money without having to decipher the sometimes confusing merchant names. As of June 2019, Up said it recognises over 55,000 merchants which represents around 90 per cent of retail spend.
It can also predict where its customers’ money will go by recognising repeating charges and notifying customers a few days beforehand of the impending transaction.
Up has partnered with Afterpay to recognise Afterpay charges, showing the merchant and even items purchased. Up has recognised tens of thousands of repeating charges and helped customers keep on top of their future payments.
The digital bank is currently predicting almost 10,000 upcoming charges for our customers, representing about $450,000 in value.
Up said it has been in the top 10 App Store and Google Play financial app charts since January 2019.