Westpac to launch online bank brand
Westpac is gearing up to unveil an online banking service to take on NAB’s recently launched UBank brand, Mumbrella can reveal.
Code named “Project Red Bank”, it is understood that Sapient Nitro has been appointed to work on the marketing campaign for the new brand.
Its rival NAB officially launched UBank in October last year, focusing on savings products.
The online bank’s products include term deposits and it also plans to develop a range of additional savings, transaction and investment products. It is the first brand from NAB’s Star Direct & Marketing division.
The developments within online banking follows a similar move in the UK by HSBC which owns the long-established First Direct brand.
Westpac and Sapient Nitro were not available for comment at the time this article was posted.
Who’s developing the brand?
Can they explain this using something simple like, I don’t know, how about banana smoothies?
@Clinton: Sapient Nitro
Westpac is reportedly thinking about calling this online bank the “Bank of Melbourne.”
http://thefinancialbrand.com/9.....rne-brand/
Hello all – we have since moved beyond Term Deposits with the launch of our USaver online savings account in August 2009:
More to come in future.
Speak soon,
Gerd from UBank
PS: we like our lovely green
Excellent! The success of UBank, especially in the social sphere does show that this sort of venture can be a winner. Let’s see if Westpac can toe the line between keeping the trust associated with the parent company, and looking like an innovative brand.
Plus any added competition (even if Big Bank affiliated) is great for consumers.
Andrew @ Mozo
And there won’t be a banana in sight.
It’s all good for us savers as it all means the ‘rate war’ is going to continue. Bring it on!
I heard the rumour about BOM too; do Westpac really think they can resurrect Bank of Melbourne after so long?