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August 14, 2018

Bendigo Adelaide to launch digital bank

Australia’s Bendigo and Adelaide Bank (Bendigo Adelaide) is set to roll out its digital outfit ‘Up’ in October this year as part of its strategy to attract more millennial customers.

The digital bank, which is under beta testing, will operate as a standalone entity and will offer services through a dedicated and separately branded app.

Once launched, Up will be first fully licensed “all-in-app” mobile banking platform and include a host of cash management and budgeting features, reported Itnews.

The neobank will also offer phone payment and mobile wallet services to its customers.

Additionally, Bendigo Adelaide has teamed up with Mastercard to offer its mobile debit card product onto Up, according to the publication.

The announcement about the digital bank was revealed at the company’s annual results presentation, recently.

Bendigo Adelaide has assets under management of more than A$65.7bn ($47.79bn) and market capitalisation of approximately A$4.6bn ($b3.34n).

With more than 7,200 employees, the bank serves more than 1.6 million customers.

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