Consumer Finance Awards 2025: Bank of the Year - Digital
Up has been named Money's Bank of the Year - Digital as part of the 2025 Consumer Finance Awards.
- Find out how we chose the winners
- Order your copy of the July awards issue
- Check out more from the 2025 Consumer Finance Awards
When it comes to managing our money, more of us are ditching branches and going digital.
The Australian Banking Association says Australians are shifting to digital banking channels at "unprecedented rates" with 99.1% of banking interactions now being made online or via apps.
The rise of digital isn't just changing the way we bank. It's reshaping who we bank with.
As Roy Morgan puts it, more Australians are turning to newer digital banks, which have grown by "offering enticing deposit products, including competitive higher interest rates and lower fees".
Long story short, digital banks have plenty going for them. That's certainty the case with our winner - Up, the digital arm of Bendigo and Adelaide Bank.
Xavier Shay, chief executive of Up and chief digital officer of Bendigo Bank, explains the appeal.
"Up is redefining how the next generation of Australians relate to their money. We're not a traditional bank - we're a team of designers, technologists, and free thinkers building a platform that's safe, ethical and truly customer-first".
What Shay describes as the "tech-first DNA" of Up has allowed the bank to move fast, find efficiencies, scale quickly, and deliver the kind of digital experience consumers genuinely want. Already, more than one million Aussies have signed up to Up, primarily Gen Z and Millennials.
According to Shay, Up has always focused on helping the bank's customers - nicknamed 'Upsiders', to save smarter, spend better, and feel good about money.
"We've built a 100% mobile experience that feels more like an app you love to use than a banking chore you have to do," he says.
"From instant transaction notifications to lightning-fast onboarding and digital card provisioning with our Zap cards, Up helps people get set up and start banking in minutes."
What's most remarkable about Up is the breadth of features available on the app, such as Spendable Balance that lets customers know how much they can spend and still have money for regular bills.
As testimony to Up's streamlined systems, more than 80% of new customers choose Up based on a recommendation from someone they trust (usually a friend or relative). Shay says this reinforces that Up is "building something people genuinely believe in and share".
New customers can get started with an Up account in as little as a few minutes. And if a helping hand is needed, customers can connect straight to a real (Melbourne-based) human via in-app chat. No call queues, no AI bots.
"That seamless speed and experience is why Up is Australia's top-rated banking app, and how we've grown to over one million customers in just six years," says Shay. "It's proof that when digital banking feels intuitive and frictionless, people don't just use it - they recommend it."
Why they won
A truly digital experience that raises the bar for modern banking.
Top product
Up Everyday - comes with handy app features such as Spendable Balance and round-ups.
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