The launch of HIVER

In 2021, Teachers Mutual Bank Ltd (TMBL) became the first mutual bank in Australia to create and launch a digital bank brand known as HIVER, with Ultracs App 2 being HIVER’s facility in delivering superior user experience and service to its customers'.

With Ultracs App 2 increasing operational efficiencies, HIVER has been able to leverage off these cost savings, and pass on further financial benefits to its core customer base who comprise of essential workers. The Ultracs App 2 has positioned TMBL as a competitive financial institution of choice, and an institution that offers very compatible rates, with no monthly account or ATM fees, and unique to TMBL - cashback on essential purchases.

HIVER has incorporated many of the latest technologies that Ultracs App 2 has to offer, and has provided customers with cyber secure, simple, 24/7 mobile banking functions that include self-service card management, digital wallet and ‘How I Spend’ to customise the customer's personal finance management.

For TMBL strategically, the decision to integrate Ultracs App 2 as part of their overall digital banking offering has enabled TMBL to grow their business, and reach and acquire new markets that directly compete with the emergence of Neo banks who are gaining substantial market share through their ability to deliver on their strategic focus of ‘digital-only’ accounts that offer competitive rates, and are supported by first-rate digital banking solutions.

“The introduction of HIVER to the banking landscape represents an exciting development in customer-focused service delivery. As the first digital mutual bank to hit the market, we are combining the best of new banking technology, with the financial security of a ten-billion-dollar balance sheet and a proven, ethical business model.” 

Steve James | CEO | Teachers Mutual Bank Limited

For TMBL strategically, the decision to integrate Ultracs App 2 as part of their overall digital banking offering has enabled TMBL to grow their business, and reach and acquire new markets that directly compete with the emergence of Neo banks who are gaining substantial market share through their ability to deliver on their strategic focus of ‘digital-only’ accounts that offer competitive rates, and are supported by first-rate digital banking solutions.

Tapping into the Ultracs eco-system

With the reliance on class-leading FinTech digital technology more important than ever before, TMBL has made best use of the wider Ultracs 'ecosystem' investing further in a variety of Ultradata software solutions;

• Onboarding
• Multi-branding
• Ultracs App 2
• My Viewpoint 3

This substantial investment has made the move from a concept idea to digital banking a reality, and it is the combination of these software solutions that have helped deliver HIVER successfully, and achieve organisational objectives in expanding their business to reach new consumer markets.

Launching the TMBL Digital Brand

We send our sincere thanks to TMBL for their collaboration on this very exciting journey. TMBL are Ultradata’s first client to use the Ultracs App 2 platform to launch their own digital banking brand.