Youth-focused Ubank is tapping into the popularity of social media app TikTok to attract tech-savvy customers. Ubank chief executive Philippa Watson said there was greater access to financial information through “some really interesting channels”. This included TikTok, where about 83 per cent of Ubank’s 66,100 followers were aged within its target segment of 18 to 35 year olds. “We have seen the most success in attracting and engaging customers through TikTok,” Ms Watson said. From May to October, about 5000 customers installed Ubank’s app and 2500 new accounts created as a result of its presence on TikTok. “We are really embracing the places that our younger customers choose to be,” Ms Watson said. “If you look at our TikTok posts, you’ll see that they’re very much targeted to younger people and they’re getting really good engagement. “We’ve been running fraud awareness posts . . . and those posts have each gotten about 2 million views.” But Ms Watson said easier access to financial information also had its pitfalls. “It is fantastic that younger people are taking an interest in their finances, in investing and are seeking information in the channels that they find interesting,” she said. “But we also know that the instance of customers being caught up in scams is as significant for younger people as it is for every other age groups. “All of the banks, including Ubank, are working really hard to educate customers about how to stay safe online.” National Australia Bank-owned Ubank plans to progressively rollout new app features during the first half of 2024 in a bid to help customers manage their bills. The new feature will allow users to see their money in the context of their pay cycle and know they have set funds aside for bills and expenses. “It’s very difficult with daily spending, (frictionless) spending, subscriptions that come out at various times through the month . . . to really understand where you’re up to in your pay cycle and how many days are left before you get paid again,” Ms Watson said. “(Customers will) really understand how much of the pay that has just come into their account is already pre-committed for bills.” Ms Watson said customer goals remained unchanged from previous generations. “We’re still seeing that younger customers ultimately want to be able to move out of the accommodation that they’ve been in . . . homeownership remains a really strong focus for lots of younger customers,” she said.