How Up breathed new life into Bendigo Bank
Up is on track to hit 1 million customers in October, just in time for its sixth birthday.
Disney was the much bigger company when it bought Pixar, but the acquisition famously made the acquirer more like the acquiree. A similar dynamic is evident in Bendigo and Adelaide Bank, which bought Up in 2021.
Bendigo Bank is riding a seven-year high, with its stock up 27% so far this year, thanks in part to a successful digitisation and simplification drive. Some of Up's ethos has rubbed off on the parent company, says Up CEO Xavier Shay.
“We can bring a tech lens, Bendigo brings a banking lens, how do we combine those two across the group?” Shay said of how the two companies learn from each other. “How do we deliver things even faster [at Up], and then how do we potentially feed some of that into the wider Bendigo group?”
Up has been an important funnel of new customers to its parent company. It has just over 900,000 customers, at least 90% of whom are completely new to the Bendigo group.
