Tag: UBank

Sydney, Australia – Australian digital bank, ubank, has unveiled a new brand platform ‘That’s How You Money’, highlighting the brand’s redefined brand proposition and its promise to help the next generation of Australians be more successful with money.

The new brand platform, which was created in collaboration with creative technology company whiteGREY, follows the product campaign launch that went to the market in early June across programmatic and selected ATL channels.

In collaboration with ubank’s media agency, Bohemia, whiteGREY’s remit covered the creative strategy and communications plan, including an evolution of the new brand identity, new platform development, brand launch campaign across TV, cinema, OOH, audio, digital, and social executions, and product campaign, which includes performance – audio, social, and digital display. Moreover, the campaign uses a series of individual stories and experiences to demonstrate what it feels like to get the upper hand with money, underpinned by product proof points for saving, spending, and home loans.

Chad Mackenzie, whiteGREY’s CCO, noted that no one wants to talk about banking but they do want to talk about money, what you could be doing with it, and importantly, how good it feels when things start to happen.

“ubank, quite simply, gives you the upper hand with money. It’s smarter, faster and delivers a better money experience. That’s what our creative platform is about. Doing money. Encouraging a shift in how Aussies think and act with money,” said Mackenzie.

Meanwhile, Brooke Thompson, whiteGREY’s strategy director, shared that the work speaks to an audience who is realising that money is not for leaving in an account somewhere and hoping for the best. 

“They’re listening to the podcasts. They’re exploring different ways to invest. They’re following FinToks. They want to engage with money, break some old behaviours and learn some new stuff,” said Thompson.

Sebastian Paulin, ubank’s head of growth, said, “From the beginning, we focused on leveraging customer insights to give whiteGREY a solid foundation to build out our new brand platform. We’re really excited about how well the work is already connecting with our audience.”

The two-phase campaign kicked off last June 2022 with the initial programmatic going live alongside selected ATL channels, prior to the major brand launch last 17 July which carries the new brand messaging, look, feel, and sound across the biggest ATL investment from ubank in over three years. It will run until October, with a second phase planned in early 2023.

Sydney, Australia – As more and more consumers now resort to their mobile devices to create online purchases, social media has changed consumer spending on discretionary items, as a new study by Australian direct bank UBank estimates that the average Australian consumer spends around AU$500 per month on such items, or the equivalent of AU$6,000 per year.

According to the report, with the current Australian adult population standing at 19.75 million, it is estimated that the discretionary spend is around AU$118.24b, and all of these purchases are only made via our mobile devices. 

For Philippa Watson, CEO at UBank, such behavior can be attributed to existing COVID-19 restrictions, which not only drastically affected our way of living but also how we spend and make purchases online.

“Australians are finding new avenues to part with their cash using apps on their phones and devices,” she said.

By demographic, the report notes that men are spending an average of AU$602 each month compared to women that AU$400 per month on discretionary items. These include clothing and shoes (AU$89.14 men spending per month compared to AU$75.44 women spending per month); dining out (AU$102 compared to AU$62); entertainment (AU$86 compared to AU$56); and tech gadgets (AU$88 compared to AU$38).

“More surprisingly, it’s men who are spending more on average each month in areas like clothing, dining out, entertainment and gadgets,” Watson added.

Meanwhile, in terms of age demographic, millennials are spending the most each month, averaging to AU$773, compared to Gen X who spend AU$528, with Gen Z that spend AU$465 and Baby Boomers spending AU$236. In fact, millennials account for 50% of all discretionary spending on these channels splashing AU$59.1 billion each year.

The report also noted that social media exposure has made a positive impact in online spending among Australians, as one in five or 21% of Australians say social media has had a positive influence on the way they manage their money, with millennials, or about 35% of the respondents, are more likely than all other generations to say social media has had a positive impact on the way they manage their money.

“While we know young people love social media and apps, it’s encouraging to see some positive money management behaviors resulting from these channels,” Watson concluded.