Bendigo Adelaide launches "all-in-app" digital bank

Bendigo and Adelaide Bank has become the latest institution to launch a new pure play digital bank.

Dubbed ‘Up’, the separately branded neo play will come in the form of a dedicated and separately branded app, as Bendigo attempts to snatch younger customers disillusioned with the offerings of the Big Four.

Australia’s fifth largest retail institution claims the the new mobile-centric service, now in beta, will be Australia’s first fully licenced “all-in-app” mobile banking platform.

It will come with native phone payment and mobile wallet functionality in what is essentially a plastic-free play.

Global payments scheme mastercard has come along for the ride and gets to bolt its mobile debit card product onto Up, a move clearly aimed at enabling online purchases as much as physical point of sale.

The new service heavily pushes the “superpowered debit” component of the offer, a clear shift from the traditional approach of steering customers towards credit cards.

Currently in beta testing and slated for launch in October, ‘Up’ is squarely aimed at millenials and will feature a bunch of cash management and budgeting features.

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Source: Bendigo Adelaide launches “all-in-app” digital bank – Finance – Software – iTnews