The new banks shaking up the industry

Digital-only banks, known as neo banks, are shaking up the industry. And one of the major players has just hit a new milestone.

Up just has just reached one million customers, attracting Aussies with better deals and tools to help them build a healthier relationship with their money.

The bank is targeting millennials like 23-year-old Matilda Christie, with digital-first, highly personalised simple tech-enabled banking services.

"The language and even the visuals they use is really relatable to Gen X in that it makes it a lot more approachable," Christie said.

Up, which operates in partnership with Adelaide and Bendigo Bank is just one of several players in the neo-space.

Watch the full report in the video at the top of the page.