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.

Comments


  1. Clinton
    15 Mar 10
    4:01 pm

  2. Who’s developing the brand?

  3. Snake Gallagher
    15 Mar 10
    8:08 pm

  4. Can they explain this using something simple like, I don’t know, how about banana smoothies?

  5. PR Slut
    15 Mar 10
    9:16 pm

  6. @Clinton: Sapient Nitro

    Westpac is reportedly thinking about calling this online bank the “Bank of Melbourne.”

    http://thefinancialbrand.com/9.....rne-brand/

  7. Gerd Schenkel
    16 Mar 10
    7:38 am

  8. 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

  9. Andrew
    16 Mar 10
    9:53 am

  10. 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

  11. David@luvyawork
    16 Mar 10
    12:40 pm

  12. And there won’t be a banana in sight.

  13. Tom
    16 Mar 10
    1:14 pm

  14. It’s all good for us savers as it all means the ‘rate war’ is going to continue. Bring it on!

  15. Dai
    16 Mar 10
    2:54 pm

  16. I heard the rumour about BOM too; do Westpac really think they can resurrect Bank of Melbourne after so long?