Bank of Melbourne

Name

Bank of Melbourne

Legal name

Bank of Melbourne - A Division of Westpac Banking Corporation

Website

https://bankofmelbourne.com.au

Company type

Private

Founded year

2011

Operating status

Operating

Headcount range

1,001–5,000 employees

Ownership category

akta.pro rank

Product category

Retail Banking

NAICS

Commercial Banking (522110), Depository Credit Intermediation (5221), Credit Card Issuing (52221)

SIC

National Commercial Banks (6021), State Commercial Banks (6022)

akta.pro primary industry

Mass-Market Consumer Deposit Banking (Checking/Savings) (FSABAAAA)

akta.pro secondary industries

Digital Retail Banking (Online & Mobile) (FSABAAAF), Retail Lending (Personal Loans, Auto, Credit Lines) (FSABAAAB), SME Business Lending (Term Loans, Lines of Credit, Overdrafts) (FSABABAB)

Keywords

• Retail banking services
• Commercial banking
• Home loans
• Business banking
• Wealth management

Headquarters

HQ city

Melbourne

HQ country

Australia

HQ region

Oceania

Offices2 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Infrastructure, Marketing or Sales, Others

Revenue model

1. Interest Income: Interest earned on loans including home loans, personal loans, and credit card balances
2. Fee and Charge Income: Banking fees including account fees, transaction fees, overdraft fees, and credit card fees and charges
3. Insurance Products: Commission revenue from insurance products including home, landlord, and general insurance distributed through the bank
4. Investment and Superannuation: Products and services related to investments and superannuation including managed funds and retirement products

Pricing tiers

Go-to-market motion2 records

Distribution channels7 records

Marketing channels6 records

Core offering

Bank of Melbourne is a regional retail and commercial bank operating as a division of Westpac Banking Corporation. It provides personal banking (accounts, home loans, credit cards, personal loans, insurance, investments, superannuation), business banking (accounts, business credit cards, EFTPOS, payment solutions, loans, agribusiness, FX), and corporate banking (transaction banking, financial markets, industry specialists, foreign exchange). Distribution is via branches and ATMs across Victoria, plus Mobile Banking App, Internet Banking, and phone banking supported by digital features including Mel virtual assistant, Digital Card with dynamic CVV, and Confirmation of Payee.

Product overview

Bank of Melbourne operates as Victoria's local bank, offering a multi-channel banking platform structured around three core segments: Personal Banking, Business Banking, and Corporate Banking. The digital banking infrastructure centers on the Mobile Banking App (iOS/Android) and Internet Banking platform, complemented by extensive branch and ATM networks. Key digital features include Mel Virtual Assistant (24/7 chatbot), Digital Card with dynamic CVV, Bank of Melbourne Verify with Confirmation of Payee, Secure Code OTP authentication, and Security Wellbeing Check. The product suite spans transaction and savings accounts (including Maxi Saver), home loans with Advantage Package, credit cards, personal and business loans, insurance products (landlord insurance via Allianz), superannuation (QuickSuper), and investment platforms (Directshares, WinTrade). Payment integrations include Apple Pay, Google Pay, Samsung Pay, Garmin Pay, BPAY, PayID, PayTo, and Osko. Security features include Bank of Melbourne Secure guarantee, Fraud Money Back Guarantee, and McAfee Multi Access partnership. The bank also offers a My Offers Hub loyalty program for eligible cardholders.

Differentiator

Problem solved

Functional benefit

Products and services

• Personal Banking Comprehensive personal banking services for individual consumers including transaction and savings accounts, home loans, credit cards, personal loans, international payments and travel services, investments, insurance, and superannuation.
• Business Banking Banking solutions for small and medium businesses including business bank accounts, business credit cards, business loans and finance, EFTPOS and payment solutions, business insurance, agribusiness banking, and FX and international services.
• Corporate Banking Corporate and institutional banking services including transaction banking solutions, institutional financial markets, business finance solutions, industry specialists, foreign exchange, and intermediary business services.
• Home Loans (Advantage Package) Home loan products packaged under the Advantage Package for owner-occupiers and investors, with annual package fee and bundled benefits for Victorian property buyers and refinancers.
• Credit Cards Personal and business credit card products providing revolving credit, card payments, and access to digital wallets for Victorian retail and business customers.
• Personal Loans Unsecured personal loan products for individual consumers for purposes such as vehicle purchase, travel, or major expenses.
• Maxi Saver Account (Savings Accounts) Savings account with introductory and bonus interest rates for new personal customers who open online, designed to grow customer deposits with structured rate tiers.
• Bank Accounts (Transaction and Savings) Everyday transaction and savings bank accounts for personal customers providing salary crediting, bill payments, card access, and digital banking functionality.
• Landlord Insurance Landlord building and contents insurance for investment property owners, provided by Allianz and distributed through Bank of Melbourne's channels.
• Mobile Banking App iOS and Android mobile application providing secure digital banking with Quick Logon, push notifications, Security Wellbeing Check, Digital Card access, Mel virtual assistant, and self-service card and payment controls.
• Internet Banking Web-based online banking platform for personal customers to manage accounts, make payments and transfers, view transactions, and access BPAY, card services, Digital Mail, and Mel virtual assistant.
• Business Banking Online (BBO) Dedicated online banking platform for business customers with advanced banking features for account management, payments, and reporting.
• Directshares (Online Broking) Online share trading and broking platform for retail investors accessible via personal banking credentials.
• WinTrade (International Trading Platform) International trading platform supporting cross-border trade and FX transactions for business customers.
• PayWay (Payment Processing) Payment processing solution enabling business customers to accept card and online payments through a web-based merchant platform.
• QuickSuper (Superannuation Service) Superannuation contribution and management service for employers, enabling streamlined payment of staff superannuation contributions.
• Equipment Finance Equipment financing solutions for business customers to fund the acquisition of business assets and equipment.
• Agribusiness Banking Banking services tailored for agricultural businesses and farms in Victoria, including specialised finance, seasonal cash flow support, and account solutions.
• Foreign Exchange and International Services Foreign exchange and international payment services for business and corporate customers managing cross-border trade and currency exposures.
• Superannuation Products Superannuation and retirement products offered to personal customers as part of the wealth management product suite.
• Investment Products Investment products and services for personal customers, including managed funds and related wealth management offerings.
• Insurance Products (General Distribution) Distribution of general insurance products (including home, landlord, and other insurance) through Bank of Melbourne's channels, in partnership with underwriters such as Allianz.

Quantifiable outcome

• Dynamic CVV reduces fraudulent credit or debit card activity by over 50%
• +2 more outcomes

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration9 records

AI capability2 records

Feature6 records

Partnerships

One partnership is on record.

• AllianzcoreStrategic or Co-development PartnerBank of Melbourne partners with Allianz for landlord insurance products, with Allianz providing the insurance coverage underwritten through the bank's distribution channels.

Scale indicators4 records

Recent moves6 records

Expansion highlights6 records

Market position

Competitive moat5 records

Key risks4 records

Key highlights6 records

Customer concentration

• Xx.com/bankofmelb
• YouTubeyoutube.com/user/bankofmelbourne
• Facebookfacebook.com/BankofMelbourne
• LinkedInlinkedin.com/company/bank-of-melbourne

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Bank of Melbourne