Up bank: The Rise of Neobanks in Australia
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What is a neobank and how does Up bank fit into the Australian banking landscape?
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Please remember that all of the information in this podcast episode is limited to general information only. That means the information is not specific to you, your needs, goals, or objectives. So you should seek the advice of a licensed and trusted financial professional before acting on the information. And before you acquire or apply for a financial product, please read the PDS or product disclosure statement, which should be available on the issuer's website. Lastly, please keep in mind that past performance is not indicative of future performance.
Kate, welcome to this episode of the Australian Finance Podcast.
It's good to be back, Owen.
Yeah, it seems like we always have special guests and it's so cool that as our podcast grows, we get to chat to more and more interesting people. And one of those very interesting people today is going to talk to us about, I guess, the banking system now and the future of banking. That's He's one of the faces behind a product that I know you know and use quite frequently. So maybe I'll hand it over to you to introduce our special guest for today's episode.
Yeah, absolutely. So listeners may or may not know that I have mentioned a company called UpMoney a few times in previous episodes, and it's actually an Australian neobank. It started a few years ago, but I'm sure Anson can tell us a little bit more about the backstory. But I have personally used it for a few years and have really been enjoying it. And so it was fantastic to actually get one of the creators of the product onto the podcast today. And I'll hand over to Anson to introduce himself and a little bit more about Up and his role and sort of his journey so far.
Yeah, thank you. So my name is Anson Parker and I'm the head of product at Up. As the intro said, we're a neobank. We actually launched about two years ago, sort of officially launched. And before that, we spent about a year just kind of building our MVP, our first version. And so we've been in the market for two years and we have, I think, just under 300,000 customers, which is pretty good. I think we'd probably be the leading neobank in terms of scale. And I guess what a neobank is, is essentially, you know, a modern reimagined bank that that really puts technology at the center of what they do. In our case, you know, it's meant really trying to reimagine, I guess, banking from that modern viewpoint, knowing that all of our customers have, you know, really high-powered smartphones that can do great communication and security and have all these amazing capabilities that can really open up, you know, the potential both to keep people sort of on top of their money
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