[1] UBank was launched by Gerd Schenkel and Greg Sutherland for National Australia Bank on 1 October 2008, with the purpose of establishing a presence in the "self-directed" customer segment.

[4] UBank operates under NAB's banking licence and participates in the Australian government's deposit guarantee scheme.

[9] NAB's UBank has been compared to Qantas' Jetstar in terms of a strategy of internal innovation with the objective of opening new market segments for the parent company.

[10] In October 2012, in a media interview about NAB's results briefing, CEO Cameron Clyne claimed that UBank had "raised $15–16 billion in deposits".

[14] A neobank[15] founded by Anthony Thomson[16] and Robert Bell[17] and majority owned by payments company Cuscal,[18][19]86 400 gained a licence to operate as an authorised deposit-taking institution in 2019.

[23] By February 2023, however, the acquisition had drawn criticism from some customers who faced issues such as being locked out of their accounts and :86 400 staff, who criticised the company's direction.

According to UBank, Mia is the "latest tech innovation, designed to answer any burning questions you have about your home loan application.

Short for ‘My Interactive Agent’, Mia helps simplify your experience by giving on-the-spot answers to a huge range of the most commonly asked questions during the home loan application.