• Up Bank ranks #1 on our APAC’S top 10 retail neobanks to ace CX.

COMPANY PROFILE

Up Bank 8-point customer experience framework analysis

Top customer experience initiatives

#1 Easy budgeting and savings

With Up’s easy budgeting, customers gets:

• A bird’s eye view of their respective spending habits
• Automatic spending categorisation, with more than 40 categories to choose from
• Weekly reports and insights into their spending patterns
• Custom tags, locations, and logos
• A budget tracker
• Comparative month-on-month spending analysis

Figure 1: Up Bank’s promotional tags

The Savers feature of Up helps its customers set savings goals and automates them. In addition, the saving goals under Savers is categorisable based on the specific needs of the customer. Therefore, customers can organise their savings goals under Savers to suit their specific needs.

Every Saver can have their name, emoji, and target amount, making the whole savings process attractive.

A noteworthy feature here would be how the bank allows its customers to turbocharge their savings by using ‘Round Ups’ – the bank takes the customer’s purchase and rounds the sum up to the next dollar. It then puts the extra cents in the Saver of the customer’s choice.

The app also supports ‘Auto Saving’, where the customers can set aside percentages of their pay to send to the Savers, and the transfer happens as soon as the salary hits the account.

The feature that caught our eye was Up providing its customers with their personalised financial coach. It gave them notifications throughout the month with updates on how to save and budget better.

#2 An omni-experience through wearable banking

Up Bank allows its customers to integrate their bank accounts with digital wallets. The bank supports Samsung Pay, Garmin Pay, and Fitbit Pay so that customers can pay with their phone, watch, or wrist.

With the bank’s Apple Watch App, customers can:

• Inspect their transactions,
• Make transfers between accounts,
• Use card controls, all from their wrist.

#3 2-Player banking with Up

Up Bank has various gamified features that enhance its mobile banking experience. The bank takes a step ahead of simple gamification and instils game theory concepts into the minds of their customers with its 2-player banking game — 2Up. (Figure 2)

The game helps customers manage their finances in a fun manner. The customer can invite another player – Player 2, to:

• Fight finances together in a co-op mode. They can pay bills together, save for their future goals, share expenses, and track spending.
• Both players get equal access to spending insights for ultimate clarity, and players can add on Trackers to specific categories to stick to the spending game plan. They have the option to automate transfers as well.
• The players also get ‘Digital Cards’ – all it takes is a swift pull down on their activity feed to retrieve these details.

Figure 2: Up’s 2-player banking

#4 Always within reach

Apart from having a detailed FAQ, the makers of Up have also created an interactive blog platform where they religiously post in-depth content right from the creator’s desk. It covers an extensive array of topics such as updates, releases, how to’s, and whats’s what. The blog is acing in content – it is eye-catching, so much so that the reader wants to click and read on.

Up has have made feedback easy with its ‘Talk To Us’ section, encouraging Upsiders to give feedback or suggest ideas.

The bank also has other highly engaged channels such as socials and newsletters where they receive feedback and continuously work on them to enhance their app.

Other customer centricity initiatives

How you can match up to Up

• Study your customer’s social communication and aesthetic expectations, and add animations complementing these via UI-UX Design
• Incorporate predictive analysis with gamification
• Start a club with your customers to drive active engagement and a dialogue
• Introduce features like Round-Ups and automatic saving transfers to help your customers save invisibly
• Introduce gesture-based actions and widgets

Actionable insights for Up

• Up can introduce customisable cards to create a personalised and stylised card experience for its customers.
• Up can partner with growing Australian brands to aggregate on their app, making it go beyond a banking app to a lifestyle app.
• Up can expand their audio-enabled assistance beyond Siri to help customers navigate within the app as well.

Read the full report here.