Up digital bank will be hosted in the public cloud of Google and will be promoted to students to advertise wise spending. Up is currently in beta testing with Deakin University and a public launch is scheduled for October 2018.
Meanwhile, Tic: Toc, a Adelaide-based fintech that developed fast mortgage approval software, of which Bendigo owns 35% received USD 1.36 billion in mortgage applications and grossed USD 170 million in loans since its launch in 2017.
It is expected that new government pro-competition banking policies, including open banking, will drive customer acquisition. But Bendigo and Adelaide officials admit to the risks of open banking and fintech and have stated that they will create a more competitive environment for Bendigo.
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