Monday, May 17, 2010

Ubank - Check your bank balance on Facebook

Ubank has been a favourite bank of ours for a while because of its innovative approach towards traditional banking. Almost exactly one year ago, we wrote about Ubank for its informal and casual approach in marketing, and it seems to have worked.

The subsidiary of the National Australia Bank has been leading the online savings accounts market with market beating rates. Recently, they have even offer 6.21% for their customers if they automatically deposit $200 a month into their Usaver account.

We like Ubank because they

  • Offer 24 hour support for customers
  • Allow customers to contact them via skype
  • Tweet regularly not just to broadcast updates but also personally replying to queries 
  • Sends SMS and email to customers immediately when a transaction takes place on their account. 
  • Signs off on all their correspondences with "Speak soon", implying customer loyalty
Now, in a very bold move, they are about to offer the feature to allow customers to use FACEBOOK and other social media to check their online balance! According to ZDNet, UBank says that over 80% of their customers who log onto the Ubank site only do so to check their balance. The feature will be through a Ubank application which requires authentication through the customer's mobile phone via SMS. That is great strategy and my feeling is that most of Generation Y agrees. 

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